Dangerous Columns

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Reporting a company’s financial performance is facing new challenges as investors demand more information about how the business is likely to perform in the future. Reporting a company’s financial performance is facing new challenges as investors demand more information about how the business is likely to perform in the future. Traditional accounting mostly looks at historical performance.

As part of the response accountants are trying to improve risk reporting that tries to cover future performance and intangibles effectively.

The risk reporting debate drew renewed attention from accountants, regulators and investors after the Central bank announced it was starting the process to liquidate a licensed savings bank Pramuka Savings & Development Bank (PSDB).

Depositors of Pramuka, never thought they would have to take to the streets, when they deposited money.

The bank crashed under a mountain of bad loans and is currently being liquidated by the regulator.

Some people had invested their life savings in the bank attracted by the higher than market interest rates that were offered.

One of them is Dayananda De Silva who deposited his retirement benef