With Chartered Accountants having to increasingly stay abreast on the never-ending transformations and disruptions facing their profession, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised its Annual Research Symposium paving the way for Accounting Professionals to discuss, deliberate, and act on the oncoming challenges engulfing the profession.
During the symposium on 14th December 2022, key research findings on contemporary issues facing the Accounting and Finance Profession took centre stage, with a group of well-versed researchers sharing their insights on Challenges in IFRS Implementation and Non-Financial Reporting, Forensic Education and Corporate Governance and Socio-Economic & Environmental Development.
The full-day event kicked off with two insightful speeches delivered during the inauguration session with Dr. P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka setting the tone of the symposium by speaking on “Deep Roots of Sri Lanka’s Current Economic Condition and the Short-Term Recovery Strategy,” followed by Dr. Sirimal Abeyratne, Senior Professor in Economics of the University of Colombo who spoke on “A Comprehensive Policy Response to the Current Economic Condition of Sri Lanka.”
The symposium also consisted of an economic forum featuring Prof. Prema-chandra Athukorala, Emeritus Professor of Economics of the Australian National University forum’s keynote on “Policy Priorities for a Long-Term Recovery and Effectiveness of the Current Economic Restructuring Process of Sri Lanka.” His presentation was followed by a panel discussion featuring Mr. Sanjaya Bandara, President, CA Sri Lanka, Ms. Yvette Fernando, Deputy Governor, Central Bank of Sri Lanka, Ms. Bhavani Fonseka, Senior Researcher and Attorney-at-Law, Centre for Policy Alternatives and Mr. Murtaza Jafferjee, Chair, Advocata Institute. The session chair was Mr. Nishan Fernando, Chairman, Research Committee of CA Sri Lanka.
The symposium also comprised two technical sessions, the first session focused on “Forensic Education, Corporate Governance And Socio-Economic & Environmental Development” with Dr. S. I. H. Liyanage delivering a paper on “In Search of a Right Model for Corporate Governance in Sri Lanka: Lessons from the United Kingdom, South Africa, and India” which followed by a second paper on “Forensic Accounting Education: An Exploration of Accounting Curricula of State Universities in Sri Lanka” delivered by Dr. M. A. T. K. Munasinghe.
The panel discussion of the first technical session was chaired Mr. Jagath Perera, Partner, KPMG, and the panellists who shared their thoughts on the papers presented were Senior Prof. Hareendra Dissabandara, Senior Professor in Finance, University of Sri Jayewardenepura and Mr. Ashane Jayasekara, Deputy Managing Partner, BDO Sri Lanka.
The second technical session focused on “Challenges in IFRS Implementation and Non-Financial Reporting,” with Ms. P. P. Abeykoon presenting the third paper titled “Corporate Internet Reporting in Sri Lankan Listed Companies” and the fourth paper on “Challenges in Respect of Revenue from Contracts with Customers (IFRS 15): Evidence from the Software Development Industry in the Western Province of Sri Lanka” was by Ms. N. Gurusinghe. The final paper of the day was “Impact of the Extent of Integrated Reporting Adoption on Financial Performance: Evidence from Financial Sector Companies in Sri Lanka” delivered by Mr. C. Shabilnath.
The panel discussion of the second technical session was chaired by Prof. A Roshan Ajward, Alternate Chairperson, Research Committee of CA Sri Lanka and the panellists who shared their thoughts on the papers presented featured Mr. Sanath Fernando, Partner, Ernst & Young, Mr. Mohan Thanthirige, Group Financial Controller & Senior Vice President, John Keells Holdings PLC and Mr. Nuwan Withanage, CFO, Softlogic Life Insurance PLC.