The Institute of Chartered Accountants of Sri Lanka (ICASL) – the countrys auditing standard setting body – is trying to lift the countrys accounting standards a notch higher by embedding Social Responsibility Reporting (SRR) into annual financial reporting.
As it is Sri Lanka has one of the strongest legal infrastructure in place when it comes to national accounting and auditing standards.rn
rnSo much so that the World Bank is considering using the islands financial reporting framework, which is based on the British principle, as a regional model.rn
rnldblquote An ADB interim report on the region says they are impressed by the Sri Lankan financial framework,
dblquote said Riyaz Mihular, Chairman of the Accounting Standards Committee told journalists on Monday.rn
rnldblquote The World Bank has also mentioned that the local legal infrastructure can be used as a regional model,
dblquote he said.rn
rnNow the ICASL is looking at lifting local financial reporting standards into greater ethical hei