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Cabinet approves cancellation of the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995 and completion of activities pertaining to preparation of Financial Reporting Regulation Draft Bill
Approval of the Cabinet of Ministers has been granted at their meeting held on 24.05.2021 to introduce a new act repealing the existing Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995.
Accordingly, the fundamental draft bill of Financial Reporting Regulation Draft Bill has been prepared by the Legal Draftsman, subsequent to obtaining views of Sri Lanka Accounting and Auditing Standards Survey Board and other relevant parties.
The Legal Draftsman points out that the policy approval of the new Cabinet of Ministers has to be obtained to complete the preparation of the said draft bill.
Accordingly, the Cabinet of Ministers granted their consent to the resolution furnished by the President in his capacity as the Minister of Finance Plan Implementation and Economic Development to obtain the concurrence of the Cabinet of Ministers to prepare the said draft
bill.