Problem arises when the media doesn’t properly interpret annual reports- Treasury Secretary

Funds that the public sector uses must be accounted in a simple and readable manner and the annual reports should help the public at large to understand it better. How the public sector uses the taxpayers money must be clearly defined. “The operational manual on corporate governance issued by the Treasury requires the annual reports to be prepared in accordance with the Sri Lankan accounting standards in a stipulated time period. It is a problem when the media is not able to interpret the annual reports and the numbers in annual reports. The misinterpretation has caused significant damage to the society at large that needs to be rectified soon,” said Treasury Secretary S.R. Attygalle, speaking at the APFASL Annual Conference and the CA Sri Lanka Best Annual Reports and Accounts Awards Ceremony 2021 held at the BMICH on Wednesday. However observers pointed out that the Treasury Secretary failed to mention the delays in releasing annual reports, which is a bigger problem.

Mr. Attygalle said it is the duty of public servants to provide accurate information to the public so that the society is able to see a clear picture of how public finance is being utilised and what needs to be done as far as policy adjustments are concerned. It is important that the public servants have a dialogue with the public by using websites etc for dissemination of accurate information. “The country is going through a transitional period and the truth we see in the numbers should be revealed. This is a difficult time as demands of the public sector have become enormous at a time when the COVID-19 pandemic remains unchanged in the country,” he added.

CA Sri Lanka President Sanjaya Bandara said that CA Sri Lanka started the public sector wing known as the APFASL to achieve two main objectives viz to produce financial professionals in the public sector and capacity building of financial professional and accountants in the public sector.

“CA Sri Lanka will continue their task to achieve the said objectives.”

The accounting profession has contributed to the growth of country’s economy and the critical role of the public sector should be underscored as it employs more than one million people. Their contribution to the GDP growth of the country it is much higher than of the private sector. “CA Sri Lanka will ensure that it is in line with international standards. Our priority is to raise the standards of public accountants that will positively impact the national economy. Our public sector wing has carried out excellent work in this regard despite the pandemic,” he said.