Page 64 - 2596-CA SR Lanka- Annual Report 2022

VALUE CREATION REPORT

Technical Pronouncements made by the CA Sri Lanka Accounting Standards committee in 2022

Technical Area Objectives Name of the Pronouncement
Statement of To provide guidance to - Merger Accounting for Common Control Combinations.
Recommended Practices accounting professionals
(SoRPs) in areas where the current
SLFRSs does not cover specific
transactions or events.
Statement of Alternative To recommend an alternate - SoAT on accounting for Super Gains Tax
Treatments (SoATs) treatment, where SLFRSs - SoAT on accounting for Surcharge Tax
prescribe another treatment to
be followed in accounting for a - SoAT on Reclassification on debt portfolio
particular transaction or event.
Financial Reporting To provide further guidance y Reinstatement of fully depreciated assets in the statement of
Guidelines and clarification on a particular financial position
transaction or event to y Application of Deferred Taxation as per LKAS 12 Income Taxes
support more transparent (w.e.f. 1st January 2012) to entities enjoying a Tax Holiday period
and comparable information
in general purpose financial y Guidelines on valuation of property, plant and equipment,
investment property and biological assets for the purpose of
statements.
Financial Reporting
y Guidelines on Application of Tax Rates in Measurement of
Deferred Tax
y Guidelines on Impairment of available-for-sale (AFS) equity
investments
y Application Guidance Notes on SLFRS 9 Financial Instruments
y Application Guidance Notes on SLFRS 15 Revenue from
Contracts with Customers-Real Estate Sector
y Application Guidance Notes on SLFRS 16 - Leases
y Guidance Notes on Accounting Considerations of the COVID 19
Outbreak (updated on 11th May 2020)
y Guidance for identification of Elevated Risk Industries for the
assessment of ECL in line with SLFRS 9
y Guideline on Application of Tax Rates in Measurement of Current
Tax and Deferred Tax in LKAS 12
y Disclosure Guidance and Other Considerations on the Recent
Economic Conditions and its Impact on the Reporting

62 CA SRI LANKA | Integrated Annual Report 2022