Press briefing of Cabinet Decision taken on 2019-03-06

Amendments to the Sri Lanka Accounting and Auditing Standards Act, No.15 of 1995

- In accordance with the provisions of the Sri Lanka Accounting and Auditing Standards Act, No.15 of 1995, the functions have been carried out for more than a period of 20 years, up to the present day and as of now the necessity of amending same to suite the present trends has been observed. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance to instruct the Legal Draftsman to amend the Act by incorporating the necessary provisions to make regulations for a proper regulatory system for certifying the public sector accounting standards, safeguarding the qualitative aspect of the operation of the audit firms, and for strengthening of the Sri Lanka Accounting and Auditing Monitoring Board etc., was approved by the Cabinet.