Dialog publishes Sri Lanka’s first IFRS compliant reviewed quarter financial report

Monday, 18 June 2012 00:00 - - {{hitsCtrl.values.hits}}

Following Sri Lanka’s Accounting Standards body aligning local financial reporting standards with the International Financial Reporting Standards (IFRSs) in the form of SLFRSs, Dialog Axiata PLC has became the first Public Listed Corporate in Sri Lanka to publish IFRS compliant financial statements.

Auditors of Dialog Axiata PLC PricewaterhouseCoopers (PwC) through the independent review report opined that Dialog Axiata’s reviewed interim financial statements for the first quarter of 2012 were prepared in accordance with all SLFRSs applicable on 1 January 2012.

The independent auditors report further confirms that the Dialog Group had presented all standards compliant disclosures including a report of reconciliations since transition. The report of reconciliations presented alongside the financial statements, provide clarity on the process of convergence with the SLFRS and the implications to the financial statements as a result of the convergence.

The Statutory Accounting Standards Committee of the Institute of Chartered Accountants of Sri Lanka, in keeping with the Sri Lanka Accounting and Auditing Standards Act, No. 15 of 1995, defined the SLFRS in line with the standardisation guidelines of the International Accounting Standards Board (IASB). The Sri Lankan Standards Body accordingly, stipulated that SLFRSs be adopted with effect from 1 January 2012.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) as the sole authority in promulgating accounting and auditing standards in the country is tirelessly working to ensure that all practitioners and preparers of financial statements among other professionals are duly educated about the convergence.

“I am made to understand that Dialog Axiata PLC is the first PLC in Sri Lanka to publish reviewed quarterly financial statements which are fully compliant with the Sri Lanka Financial Reporting Standards (SLFRSs). This is a very encouraging move by Dialog Axiata PLC and I congratulate them in pioneering this effort,” Sujeewa Rajapakse, President of the Institute of Chartered Accounts of Sri Lanka, said

IFRSs focus on establishing general principles derived from the conceptual framework set by the IASB with respect to the recognition, measurement and reporting of transactions and accounting events.

Further, IFRSs place additional onus on financial managers to exercise professional judgement in applying the general principles set within the conceptual framework of the standards to specific transactions and accounting events of an entity.