Press briefing of Cabinet Decision taken on 2018-10-02

Preparation of the Financial Statements of the Government on Accrual Basis

- Instead of the method of preparation of the Financial Statements on the modified cash basis, it has been planned to convert the same to the accrual basis gradually in stages. As such, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance and Mass Media, to prepare the Financial Statements of Sri Lanka on accrual basis to comply with the internationally acclaimed accounting standards, was approved by the Cabinet.