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| Sunday, 19 December 2004 |
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| News Business Features Editorial
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Financial statements of 531 companies not submitted to Audit Board The recent study done by Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) have identified 531 companies which come within their purview, that have not sent their financial statements to the Board. All these companies were sent letters by the Board, requiring them to send their financial statements in respect of all the financial periods which commenced on or after 1st January 1999. Prior to the study, the Board had files in respect of 538 companies and corporations. Based on the results of the study, the total number of companies and corporations recognized as specified business enterprises, and therefore are required to send their financial statements to the Board is 1,069 out of which 240 are listed in the Colombo Stock Exchange. The balance consist of commercial corporations and unlisted companies. In addition to specified categories of companies, such as listed companies, banks, insurance companies, finance companies, unit trusts, fund management companies, factoring companies and stock brokers, companies which have a turnover in excess of Rs. 500 m, gross assets in excess of Rs. 300 m, equity in excess of Rs. 100 m, borrowings from banks and other financial institutions in excess of Rs. 100 m, and employees in excess of 1000, become specified business enterprises, under the Sri Lanka Accounting and Auditing Standards Act, No. 15 of 1995. |
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