In a statement late Friday, the Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAAMB) says the Ceylon Theatres Group failed to consolidate Lanka Ceramics financial statements during the financial years ending March 31, 2002 and 2003.rn
rnThe auditors have qualified their report in this respect, SLAAMB says. rn
rnldblquote Users of the financial statements of a parent of a group of companies need to be informed about the financial position, results of operations and changes in financial position of the group as a whole. This need is served by consolidated financial statements, dblquote the statement said.rn
rnSri Lanka Accounting Standards require a parent of a group of companies, which issues consolidated financial statements to consolidate all subsidiaries, other than those excluded in accordance with the requirements of the standards.rn
rnldblquote Therefore, the Board issued a direction to Ceylon Theatres Limited to consolidate the financial statements of Lanka Ceramics Limited a