MBSL seminar on IFRS on ‘Financial Instruments and Tax Related Issues’
Thursday, 13 February 2014 00:00
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Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on ‘IFRS for Financial Instruments and Related Tax Issues’. This will be held at Earls Court, Cinnamon Lakeside Colombo on Wednesday, 19 February 2014 from 4 p.m. to 6:30 p.m. The key speaker to the event is Ernst & Young Senior Partner Manil Jayesinghe.
The following areas will be covered in the seminar on IFRS for Financial Instruments and related Tax issues;
1.Overview of LKAS 32, 39 and SLFRS 7
2.Key accounting issues arising from Financial Instruments affecting companies
3.Tax repercussions as a result of accounting for Financial Instruments
4.General - Other Tax Issues pertaining to IFRS implementation
5.Panel discussion
Panel members for this evening seminar will be Ernst & Young Senior Partner Manil Jayesinghe, Ernst & Young Partner and Institute of Chartered Accountants of Sri Lanka President Arjuna Herath, Senior Deputy Commissioner General of Department of Inland Revenue H.B.A. Seneviratne, Merchant Bank of Sri Lanka PLC Chief Executive Officer T. Mutugala, Merchant Bank of Sri Lanka PLC Assistant General Manager, Finance & Treasury Management Priyantha Herath and Merchant Bank of Sri Lanka PLC Deputy General Manager - Corporate Advisory & Capital Markets A.M.A. Cader.
Financial Instruments are particularly a challenging task to understand and implement. With the Sri Lankan economy seeking avenues to consolidate within the financial sector, the importance of financial instruments in the current era has evolved to be important than ever before. Learning about accounting standards and accounting treatment on financial instruments will enhance accountability and transparency.
Nevertheless, with the economy seeking opportunities to seize economic targets in 2015, learning and understanding financial instruments will allow businesses to capture opportunities in financial structures available. Understanding the disclosure requirements and different types of financial instruments will enable businesses to adopt into the situation and provide a practical guidance to the future. Complexity of implementing the common language – IFRS or SLFRS is an issue that many of us will face in implementing the financial reporting standards for financial instruments.
Many tax complications arose with different types of financial instruments. With the accounting treatment changing, tax repercussions have emerged and this further is affected from the budget proposals presented each year. Nonetheless, learning on the tax implications will provide an opportunity for corporate and different types of businesses, which use financial instruments to be better corporate citizens in the country.
Financial Instruments are one of the most critical components of risk. They are on one hand risk mitigants and on other hand an identifier of existence of risk. Understanding the key accounting issues and tax complexities of financial instruments would allow every corporate and participant to be geared up to face financial risks arising from financial instruments that could be used by every business to scale the financial requirements to a suitable level.
How can you do this? Attend the seminar organised by Merchant Bank of Sri Lanka PLC – Corporate Advisory & Capital Markets Division and learn about it.
