Business
CSE launches XBRL system to enhance financial reporting for listed companies
The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), has embarked on a significant initiative to introduce the eXtensible Business Reporting Language (XBRL) for listed entities in Sri Lanka. This move is expected to transform the way financial data is submitted, analyzed, and disseminated within the capital market.
XBRL is a global standard for digital reporting, specifically for financial business data. XBRL is the universal language for business data reporting and standardizes communication of financial reporting. It enhances data accuracy, simplifies reporting, and allows for more effective analysis and faster comparison of financial information by businesses, regulators, researchers, investors, and other stakeholders.
The primary objective of this initiative is to streamline the submission of financial and non-financial information of listed companies set out in the Interim Financial Statements and Annual Reports by listed companies in compliance with the XBRL taxonomy, ensuring a more efficient and effective dissemination of financial data to the market. The XBRL taxonomy would be developed jointly with CA Sri Lanka and SEC.
The CSE formally marked the beginning of this journey by signing a contract agreement with Microvista Technologies (Pvt) Ltd, India on 9th April 2025, to develop the XBRL system. Microvista Technologies (Pvt) Ltd is a leading compliance platform provider in India possessing extensive experience in XBRL based financial reporting implementations. A demonstration of the proposed system was held at the CSE premises for 30 selected listed companies, representing the banking, insurance, and other sectors. This session provided companies with a first look at the system’s interface and functionality, followed by a Q&A forum to gather initial feedback. The CSE will conduct awareness sessions for Listed Entities through a structured engagement framework.
CSE intends to adopt a phased approach for the implementation of XBRL based financial reporting. In phase one, CSE plans to convert Interim Financial Statements into XBRL based digital financial reporting in early 2026. Upon successful adaptation of phase one by the listed companies, the CSE envisions expanding the scope of XBRL based financial reporting to Annual Reports by 2027 and the submission of Sustainability Reports by 2028.
The adoption of XBRL brings a multitude of benefits to listed entities and market stakeholders. Built-in validation tools help identify inconsistencies or omissions, while the automated system facilitates faster and streamlined financial reporting. Tagged data can be reused across multiple platforms and reports, reducing duplication in data entry and significantly lowering compliance costs.
The implementation of XBRL supports transparency and increases capital market efficiency by helping users of business and financial information locate relevant details. For example, companies reporting under a common taxonomy provide specific details that are immediately comparable by investors and analysts in investment decision-making. XBRL enables listed companies to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. Instead, they are able to redirect more effort on analysis, supported by software, which can validate and manipulate XBRL information.
Compared to manual data entry and analysis, XBRL would increase the accuracy of information and enable more value-added analysis, review, and decision-making. It also enhances data analytics capabilities for both regulators and investors, while improving accessibility to a wider pool of international investors through cross-border comparability. XBRL filing provides a reduction in total costs over the long term. This can benefit the organization in various ways, such as improved investor relations, investor coverage, and access to capital markets. Since, XBRL is a widely accepted filing approach adopted by many jurisdictions, many foreign portfolio investors are already used to XBRL formats. As such, they would prefer financial statements published in XBRL for their analytical purposes.
This strategic initiative by the CSE reinforces their shared commitment to modernizing financial reporting infrastructure and aligning Sri Lanka’s capital market with international best practices in transparency, accuracy, and accessibility.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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