Background

Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is the National Professional Accountancy Organisation, and is responsible for accounting education in Sri Lanka.

Accounting Standards

All domestic listed companies, financial institutions, and some others are required to use Sri Lanka Financial Reporting Standards, which are IFRS Accounting Standards with some modifications. The IFRS for SMEs Standard is permitted.

Sustainability Disclosure Standards

Institute of Chartered Accountants of Sri Lanka has issued local standards, designated as SLFRS S1 and SLFRS S2 (SLFRS), which incorporate IFRS S1 and S2. The local standards have been approved by the Council of the Institute of Chartered Accountants of Sri Lanka for mandatory application, effective from 1 January 2025.

The application was also mandated for listed companies through an amendment to the listing rules of Colombo Stock Exchange.

Voluntary application of SLFRS S1 and SLFRS S2 is permitted for annual reporting periods beginning on or after 1 January 2024.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.