IFRS accepted well in SL – Reyaz Mihular
The reception of the International Financial Reporting Standards (IFRS) system in the country has been remarkable said Reyaz Mihular, Managing Partner KPMG Sri Lanka.
“The reception is very good and much better than anticipated.”
“The people’s approach is very good. They’ve done the gap analysis; they’ve already spotted the differences and how to overcome them,” Mihular pointed out.
He explained that this was because Sri Lankans are innately good and they are very intelligent and like to postpone the inevitable. “But once they’ve realized that it is inevitable and it has to be done, they get down to doing it.”
The newly appointed Managing Partner further stated that the banking sector is the best in the convergence although the nonbanking sector and financial sector needs to pick up. “They have started now and will take a little time to catch up, but the progress to date is quite satisfactory,” he noted.
Mihular made these remarks on the sidelines of his appointment as Managing Partner of the firm and the celebrations of KPMG Sri Lanka’s 115th anniversary held recently in Colombo.
Meanwhile delivering his address to a gathering of several eminent business leaders who attended the event, Reyazmihular added that KPMG wants to be the best in the markets they operate.
“As you know, we don’t operate in all the markets but we chose some markets and we strive to be the best in that. If not we will move out,” he stressed.
The company also wants to add value to whatever they do. “There’s no point in just doing an audit for the sake of it. What we want to do is to try and add value to that,” Mihular said.
He went on to state that finding solutions and providing them effectively to people will also be among the company’s main three objectives.