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US training on Accounting Standards & IT

Published

1 year ago

February 16, 2023

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The first group of Sri Lankan public sector accounting and auditing professionals participated in Sri Lanka Public Sector Accounting Standards 11-20 through a training by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and its public sector wing, the Association of Public Finance Accountants of Sri Lanka (APFASL).

The U.S. Government, through its development arm – the U.S. Agency for International Development (USAID) – supported the training under its Partnership for Accelerating Results in Trade, National Expenditure, and Revenue (PARTNER) activity.

The first 50 of a total 600 public sector accountants and auditors learned about the standards, which provide a framework for preparing and presenting financial statements under the accrual accounting system in line with international best practices. The partnership of USAID, CA Sri Lanka, and the APFASL will also train 1,200 public sector workers on the effective application of IT systems for data management, analysis, and strategic decision-making.

“As one of the country’s longstanding development partners, we are committed to help strengthen and streamline Sri Lanka’s public financial management practices and thereby its path to recovery,” USAID Sri Lanka and Maldives Mission Director Gabriel Grau said at the inaugural training. “Further strengthening skills and competencies of key accounting and auditing professionals can help contribute to this long-term goal through improved financial analysis, planning, and management”.

In his opening remarks, Mr. V. Kanagasabapathy, President of APFASL, said: “Strong public financial management is imperative to achieve the long-term goals of any country, therefore, in our standing as the public sector wing of CA Sri Lanka, APFASL has taken immense pride in being a catalyst in helping strengthen the public financial management practices in Sri Lanka. We are delighted that the U.S. Government has recognized our important work and is supporting our efforts to help public sector accounting and auditing professionals perform better.”

Mr. Heshana Kuruppu, CA Sri Lanka Vice President said, “The public sector in Sri Lanka is considered to be large in comparison to the size of our economy, employing approximately 1.5 million people. This sector also holds the key to helping change the lives of 22 million people. Excellent public financial management will play a critical role in achieving this important objective and improve productivity of the sector. As the national body of accountants, CA Sri Lanka together with APFASL are committed to helping the public sector contribute effectively to the economy. The launch of this landmark program with USAID is part of our continuing efforts to achieve this crucial goal.”

News

Man arrested over selling overpriced Vadai to tourist

Published

7 hours ago

April 18, 2024

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The Tourist Police in Moragolla has arrested a man over selling an overpriced Vadai and tea to a foreign tourist in Kalutara.

Footage of the incident had sparked public ire after going viral online.

It has been revealed that the suspect is a 60 year old residing in Kalutara and is usually seen loitering near the eatery.

Police say that investigtations have revealed that he had duped foreigners visiting the eatery many times.

He is to be produced before the Kalutara Magistrate Court tomorrow (April 19).

It is also reported that officials of the Consumer Affairs Authority (CAA) and the Moragolla Tourist police have also arrived at the eatery, and sternly advised the owner after questioning him.

News

NPP’s 7-point statement on Easter attacks, presented to the Cardinal

Published

7 hours ago

April 18, 2024

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The National People’s Power (NPP) today (April 18) presented to Archbishop of Colombo – Cardinal Malcolm Ranjith, their 7-point statement pledging to mete out justice to the victims of the Easter Sunday attacks.

The statement included key points such as implementing law against those responsible for the attacks so as to mete out justice to those who lost lives in the attacks and family members of the victims and to take action against those who were directly or indirectly involved in the attacks.

NPP members Professor Krishantha Abeysinghe, Attorney-at-Law Sunil Watagala, President’s Counsel Upul Kumarapperuma, Rohan Fernando and Aruna Shantha Nonis participated in the occasion.

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IMF ready to support Sri Lanka’s discussions with bondholders

Published

7 hours ago

April 18, 2024

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The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday.

“We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatment requirements can be reached soon, ahead of completing the second review under the program,” the spokesperson said.

Sri Lanka said it failed to reach an agreement with bondholders to restructure about $12 billion debt earlier this week, raising concerns there could be a delay in the island nation receiving a third tranche of its $2.9 billion IMF program in June.

The government said one of the main stumbling blocks had been that the “baseline parameters” of the bondholders’ plan had not matched those embedded in its IMF program.

“We encourage both parties to continue their discussions swiftly,” the IMF statement added.

Sri Lanka will consult with the IMF to assess if the latest proposals discussed with bondholders were within the parameters of its bailout program.
The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Sri Lanka plunged into its worst financial crisis since independence from the British in 1948 after its foreign exchange reserves fell to record lows in early 2022, leaving it unable to pay for essentials including fuel, cooking gas, and medicine.

(Reuters)