Page 100 - CA Sri Lanka Integrated Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS

2.5 Statement of Cash Flows The following amendments to the Sri Lanka
The statement of cash flows has been Accounting Standards effective for annual
prepared by using the 'Indirect Method' of periods beginning on or after 1 January 2024
preparing of cash flows in accordance with are not expected to have a material effect on
Sri Lanka Accounting Standard- LKAS 7 on the financial statements of the Institute:
'Statement of Cash Flows'. Cash and cash
equivalents as referred to in the Statement h Classification of Liabilities as Current or
of Cash Flows are comprised of those items Non-current Liabilities with Covenants -
as explained in Note 10. Amendments to LKAS 1
h Supplier Finance Arrangements
2.6 Capital Commitments and (Amendments to LKAS 7)
Contingencies
h International Tax Reform—Pillar Two
Contingencies are possible assets or Model Rules - Amendments to LKAS 12
obligations that arise from past events and
would be confirmed only on the occurrence h Supplier Finance Arrangements -
or non-occurrence of uncertain future events, Amendments to SLFRS 7
which are beyond the Institute’s control.
h Lease Liability in a Sale and Leaseback -
Amendments to SLFRS 16
Capital commitments and contingent
liabilities of the Institute are disclosed in the
respective notes to the financial statements.

2.7 Events After the Reporting
Period
The materiality of events occurring after
the reporting period has been considered
and appropriate adjustments, wherever
necessary, have been made to the financial
statements.
2.8 Amendments to Accounting
Standards issued but not yet
effective
The Institute has applied the following
standards and amendments for the first time
for its annual reporting periods commencing
1 January 2023:

h Classification of Liabilities as Current or
Non-current – Amendments to LKAS 1
h Disclosure Initiative: Accounting Policies
- Amendments to LKAS 1 and SLFRS
Practice Statement 2

h Definition of Accounting Estimates
(Amendments to LKAS 8)
h Amendment to LKAS 12 – Deferred tax
related to assets and liabilities arising
from a single transaction.

98 CA Sri Lanka Integrated Annual Report 2023