Mischief Makers

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

Setting standards to corporate disclosures, the accounting watchdog Friday named listed companies for violating Sri Lanka accounting standards for the past two-years.rn

rnThe Sri Lanka Accounting and Auditing Standards Monitoring Board or SLAAMB also pulled up auditors for not qualifying their reports in respect of the violations.rn

rnAsian Hotels Corp., Trans Asia Hotels, Alliance Finance, Central Finance, Blue Diamond Jewellery and Kandy Hotels, Seylan Bank, Merchant Bank and Seylan Merchant Bank were among the key offenders.rn

rnAsian Hotels and Trans Asia Hotels fell foul when they failed to provide for depreciation in respect of furniture, fittings and equipment. But both firms had maintained a replacement reserve to meet the cost of replacement.rn

rnBoth companies subsequently complied with the requirements, following SLAAMB
quote s inquiries.rn

rnTrans Asia had to make an additional depreciation charge of Rs. 20 mn as at March 31, 2000 and Rs. 174 mn for the prior years. The company also reve