First Lessons

The Treasury, this week plans on giving its first lesson to educate state research and regulatory bodies on how to present their financial statements.
A number of statutory bodies including the Tea Research Institute, the Rubber Research Institute and the Ceylon Fisheries Harbours Corp., presented financial statements for the first time this year for public review by a panel of private sector representatives.rn

rnThe panellists always highlighted accounting standard violations and said the reports had inadequate information, even after being questioned by the Auditor Generals department. rn

rnSome of the common standard violations included accounting for assets that were redundant and unviable and sometimes non-existent, a lack of double entry, unauthorised expenses and unorthodox depreciation methods. rn

rnThe lesson in accounting standards and financial reporting practices will target the finance directors of the state statutory organisations, educating them on how to prepare and present report