IFRS With Sameera

Sri Lanka’s top performing listed entities by profit for 2024/25.

THANK YOU, ACCOUNTANTS! ❤️❤️❤️🧾

This celebration promotes the importance of accountants worldwide for their contribution and hard work to make businesses and organizations thrive.

BREAKING BUSINESS NEWS
Sri Lanka’s leading listed companies for financial year 2024/25 – the top 20 by revenue

https://www.ft.lk/front-page/CA-Sri-Lanka-among-world-s-first-to-join-global-drive-for-ISSB-Sustainability-Standards-adoption/44-779618

CA Sri Lanka among world’s first to join global drive for ISSB Sustainability Standards adoption | Daily FT Sri Lanka has been recognised among the first jurisdictions in the world, and in South Asia, to join the global drive to adopt the IFRS Sustainability Disclosure Standards (ISSB Standards). ..

National Chartered Accountant Day is celebrated on July 1 each year to honour the foundation of The Institute of Chartered Accountants of India (ICAI) in 1949.

IFRS 18 vs IAS 1: What's New?
IFRS 18 is set to replace IAS 1, introducing significant changes to financial statement presentation. Here's a brief overview:

Key Changes:
1. *New structure*: IFRS 18 introduces a new structure for financial statements, including a revised format for the statement of financial position and statement of profit or loss.
2. *Enhanced disclosure*: IFRS 18 requires more detailed disclosures about an entity's financial performance and position.
3. *Improved comparability*: The new standard aims to enhance comparability between entities and industries.

Benefits:
1. *Increased transparency*: IFRS 18 promotes greater transparency and understanding of financial performance.
2. *Better decision-making*: Enhanced disclosures and improved comparability support informed decision-making.
3. *Consistency*: IFRS 18 fosters consistency in financial reporting.

Transition:
1. *Effective date*: IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2026.
2. *Retrospective application*: Entities will need to apply IFRS 18 retrospectively, with some exceptions.

Conclusion:
IFRS 18 marks a significant evolution in financial reporting, enhancing transparency, comparability, and decision-making. Stay informed about the changes and prepare for a smooth transition

Forensic auditing-For a more comprehensive overview, refer to today's article in the Daily FT.

https://www.ft.lk/opinion/Forensic-auditing/14-771169

https://www.sundaytimes.lk/241229/education/forensic-auditing-what-is-forensic-auditing-582852.html

*PLEASE LET US PARTICIPATE IN THIS SURVEY* by inviting investigators and even CEOs we know to participate. We can also participate in the survey. *Here is the Survey Link:*

IICFIP Global Financial Crimes Impact Assessment 2024 Survey Questionnaire - IICFIP Thank you for taking the time to participate in this important survey. Your insights will help create one of the most comprehensive assessments of financial crime worldwide. As a respected professional in your field, your experience and perspective are invaluable in shaping strategies and solutions....

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Drafted by : Muhammad Saqib