All for One

Ishara S. Kodikara | AFP | Getty Images Sri Lanka Prime Minister Ranil Wickremesinghe, center, speaks to supporters at the prime minister's official residence in Colombo on December 16, 2018, after he was reappointed as prime minister by Sri Lanka's president, the same man who fired him from the job nearly two months ago.

The International Accounting Standards Board (IASB) said countries would benefit by adopting International Accounting Standards. The International Accounting Standards Board (IASB) said countries would benefit by adopting International Accounting Standards. Uniform standards can help investors compare accounts and aid local companies to access international markets.

“We have to come up with one single set of high quality global standards. So it doesn’t matter whether a transaction takes place here is Colombo or In Canberra, or in Copenhagen or in Chicago we would account for it in the same way,” said David Tweedie, Chairman, IASB speaking at a Financial Reporting Faculty gathering of the local institute of Chartered Accountants recently.

He says multinational companies, who are investing heavily in Sri Lanka, are keen to see uniform accounting rules.

“Sixty countries use sixty different ways of accounting and some teams of accountants have to put all these accounts back into US or Sri Lankan standards whatever the parent company had/ It is a complete waste of resources,” he said.

-LBR Newsdesk: