Investor Presentaiton
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
Overall Considerations
SLFRS financial statements should:
1. Present fairly
2. Observe true and fair override provisions
3. State compliance with SLFRS explicitly and unreservedly
4. Use going concern basis, unless management intends to
liquidate or cease trading
5. Use accrual basis of accounting
6. Classify and present items consistently except for:
> Changes in nature of operations or a review of the entity's financial
statements indicates another presentation or classification is more
appropriate
◇ Changes required by an SLFRS
CA Overall Considerations
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
SLFRS financial statements should:
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continued
7. Present separately each material class of similar items
8. Not offset assets and liabilities, income and expenses unless
required or permitted by an SLFRS - except where
◇ Reflects the substance of the transaction, or
> Increases the ability of users to understand the transactions, or
◇ Allows better assessment of entity's future cash flows
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