CA Sri Lanka’s public sector wing launches awareness programme

The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka ( CA Sri Lanka), recently spearheaded a fresh initiative aimed at increasing awareness among public sector acountants and auditors attached to government ministries and departments.

This awareness is on a range of developments including new accounting methodologies and the latest accounting standards, according to a CA Sri Lanka media release.

The implementation methodology of accrual accounting, assets management and the Sri Lanka Public Sector Accounting Standards was the highlight of a series of programmes recently conducted by APFASL targeting chief accountants, accountants, internal auditors, treasurers and other professionals involved in the preparation and presentation of financial statements in government ministries and departments, including municipal councils and urban councils across the western province.

APFASL which was established in January 2012 with the primary objective aimed at enhancing the professional skills and expertise of public sector accountants, auditors and assessors to improve financial management practices in Sri Lanka, covered a multitude of areas including: the implementation of Treasury Circulars on Accrual Based Accounting System, Introduction of new coding system for reporting of fixed assets, Introduction to accrual based accounting system, Transition to accrual based accounting system of Government Ministries and Departments, Assets management in the public sector, Application modalities of Sri Lanka Public Sector Accounting Standards for Government Ministries and Departments and finally introducing participants to the of Sri Lanka Public Sector Accounting Standards during two separate programmes held recently.

A large number of participants were present at the two programmes which were conducted at the Institute of Chartered Accountants of Sri Lanka’s Colombo 7 building complex and at the auditorium of Chief Secretary’s office of the Western Provincial Council