Page 13 - CA Sri Lanka Integrated Annual Report 2023

proposals aimed at creating a robust relation to the implementation of SLFRS In our commitment
and unified tax system, complemented 17. Subsequently, the Council of CA Sri
by an efficient tax administration, in our Lanka approved a revised effective date to excellence, CA
objective to promote social justice and of implementation, considering practical Sri Lanka remains
equity for all taxpayers in Sri Lanka. challenges faced by preparers, setting it
for 01st January 2026. steadfast in its pursuit of
In March 2023, CA Sri Lanka was also
instrumental when it brought together Empowering Our Members sustainable practices.
key stakeholders, including President of Our members actively contribute their Our focus extends
Sri Lanka, Hon. Ranil Wickremesinghe as expertise to both the local and global
well as Ministers, Opposition MPs and communities, and their influence extends beyond conventional
business leaders for a vibrant discourse across 58 countries, reinforcing our norms as we prioritise
aimed at understanding the roadmap for reputation as a globally recognised
Sri Lanka’s economic recovery. Notably, professional body. To further reinforce the Environment, Social,
the CA Sri Lanka forum was among the standing of our members at a local and
first open dialogues following approval of international level, we rolled out numerous and Governance (ESG)
a USD 2.9 billion loan from IMF. initiatives to strengthen the profession principles. We are
and our members during the year under
Embracing Sustainability review. proud to announce our
In our commitment to excellence, CA alignment with the
Sri Lanka remains steadfast in its pursuit In 2023, CA Sri Lanka adopted the
of sustainable practices. Our focus International Ethics Standards Board of Sustainability Standards
extends beyond conventional norms as Accountants’ 2021 Edition of the Code of (S1 & S2) issued by
we prioritise Environment, Social, and Ethics for Professional Accountants and,
Governance (ESG) principles. We are additionally, also introduced the revised the International
proud to announce our alignment with Corporate Governance Code to strengthen
the Sustainability Standards (S1 & S2) corporate governance practices through Sustainability Standards
issued by the International Sustainability voluntary adoption in the country. Board, reinforcing our
Standards Board, reinforcing our
dedication to global sustainability trends. In 2023, CA Sri Lanka also inked dedication to global
CA Sri Lanka has already commenced agreements with CIMA and CIPM. The sustainability trends.
the rollout of a series of programmes membership pathway agreement allows
aimed at educating stakeholders on the members of both CA Sri Lanka and CIMA
intricacies of S1 & S2 standards, ensuring to qualify and become members of the
comprehensive understanding and other institution through the recognition of Our groundbreaking initiatives persisted
adherence. their prior qualifications and professional during the year under review, marked by
experience. Additionally, the agreement the launch of a historic Master’s Degree
Elevating Standards with CIPM aims to promote financial in Public Financial Management aimed at
During the year under review, CA literacy and human resource management fortifying the public sector. Additionally,
Sri Lanka also issued the Sri Lanka literacy among the professional we also launched a Master of Business
Accounting Standards Bound Volume, community. Administration programme to further
which consolidates all revised Accounting diversify our offerings and cater to broader
Standards in accordance with the 2023 To enhance the corporate world and professional needs of our members and
edition of the International Financial the professional landscape, 341 new non-members residing both in Sri Lanka
Reporting Standards (IFRS). Chartered Accountants were granted the and overseas.
esteemed ACA designation in October,
A highlight in global accounting standards bringing the total number of Chartered At CA Sri Lanka, we continuously
occurred with the issuance of IFRS 17 – Accountants produced to 8,164 by the end empower our members through
Insurance Contracts by the International of 2023. During the Annual Convocation comprehensive professional development
Accounting Standards Board (IASB) in 2023, CA Sri Lanka also launched the initiatives and cutting-edge resources. In
in May 2017, followed by subsequent “President’s Award for Most Outstanding 2023, we introduced tailored programmes,
amendments in June 2020. CA Sri Lanka New Member” and “Youngest CA including webinars and interactive forums,
proactively led discussions with regulatory Member of the Year” award for the first to enhance skills and foster collaboration.
bodies and industry stakeholders in time in the institute’s history. We also promoted work-life balance
with recreational activities. Our goal is

CA Sri Lanka Integrated Annual Report 2023 11