Central Bank Governor called for the adoption of International Accounting Standards in the countrys bid to become a financial center for the region.
While local accounting standards are derived from the IAS, firms interested in foreign cross listings or raising funds abroad still have to publish accounts in accordance with international standards.rn
rnldblquote Sri Lanka Accounting standards takes about 34 or 39 of the international standards but what we miss are crucial. I think it is time we went completely International,
dblquote A. S. Jayawardena Governor, Central Bank said speaking at a seminar organised by the Sri Lanka Economic Association.rn
rnHe said the practice of taxing financial instruments could effectively work as double taxation discouraging the issue and trading of these instruments.rn
rnldblquote I dont think taxing the financial instruments are an attractive thing. rnThey are distorting. In countries where there are distortional taxes like that people wont like to invest thei