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The Institute of Chartered Accountants of Sri Lanka (ICASL) has published the Sri Lanka Accounting Standards Book - Year 2003 edition. This book contains 30 Standards, of which 26 Standards are as contained in the year 1999 edition, 2 revised Standards and 4 new Standards adopted in the years 2002 and 2003. Of the total 30 Standards, 28 Standards are based on the corresponding International Accounting Standards promulgated by the International Accounting Standards Board, while 02 are nationally formulated Standards, for which there are no corresponding International Standards.

The Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 legally empowers the Institute of Chartered Accountants of Sri Lanka to promulgate and publish in the gazette the Sri Lanka Accounting Standards. The Act mandatorily requires the "Specified Business Enterprises" - listed companies and institutions like banks and insurance companies, which have got large public interest - to follow the Sri Lanka Accounting Standards in their financial reporting.

The auditors who audit the accounts of the Specified Business Enterprises have to ensure that the financial reporting is in accordance with the Standards. Mr. Reyaz Mihular, Chairman of the Statutory Accounting Standards Committee, states in his foreword to the Book - "Deviation from the Standards without justification carries penalties ranging from minor to major, depending on the nature of deviation and its impact on the financial statements".

As required by the Act, the Standards have been reviewed by the Statutory Accounting Standards Committee, set up under the Act in accordance with the Due Review Process and recommended for adoption by the Council of the Institute. Accordingly, the Council has adopted these Standards as Sri Lanka Accounting Standards (SLASs). Since the Sri Lanka Accounting Standards are based on the corresponding International Accounting Standards, compliance with the SLASs ensures compliance in all material respects with the corresponding International Standards.

The Year 2003 Edition includes certain additional new features, i.e. cross reference to the corresponding International Standards, reference to the gazette notifications and reconciliation with the International Accounting Standards. Further, the President of the Institute, Mr. A.D.B. Talwatte states - "A Special feature of the current Edition is that it includes a Glossary of terms section which could be used as a ready reckoner to obtain the meaning of financial accounting terms, which are commonly used". He concludes - "I am sure that this volume would be of immense use to all those who prepare, present, audit and use financial statements".

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