Page 32 - CA Sri Lanka Integrated Annual Report 2023

STRATEGY REPORT

PUBLIC SECTOR

Being the foremost authority in Sri Lanka’s accounting profession, the Government of Sri Lanka and its regulatory bodies are key
stakeholders of CA Sri Lanka.

CA Sri Lanka’s approach to regulators speaks to the Institute’s core strengths in education and knowledge sharing. To promote
transparency, accountability, good governance and encourage international best practices in the public sector financial reporting, the
Public Sector Accounting Standards were formulated in line with the International Public Sector Accounting Standards.

Public Sector Value Definition/Details Contribution from CA
Proposition
Adoption of Public This indicates the process by h CA Sri Lanka’s regulatory framework underscores the Institute’s
Sector Accounting governmental entities, such as fundamental pillars of education and knowledge sharing.
Standards national governments, state or h The formulation of Public Sector Accounting Standards aligns
provincial governments, local with International Public Sector Accounting Standards, promoting
governments and other public transparency, accountability and good governance. CA Sri Lanka
sector organizations implement jointly with the Ministry of Finance developed and issued the
standardized accounting principles first, second and the third sets of SLPSAS in 2009, 2012 and 2017
and practices in their financial respectively.
reporting.
h Additionally, this encourages the adoption of international best
practices in public sector financial reporting.
Association of APFASL is dedicated to advancing h APFASL offers a specialized degree-level accounting qualification.
Public Finance excellence and best practices in It enhances accounting standards within public sector institutions.
Accounts of Sri public sector finance and accounting h MOU between CA Sri Lanka and the Chartered Institute of
Lanka (APFASL) within Sri Lanka.
Public Finance and Accountancy (CIPFA) London allows APFASL
members in the public sector to pursue the CPFA qualification.
Collaboration and This signifies a collaborative effort h APFASL’s capacity building activities aim to educate public sector
recommendations involving various sectors and organizations on Sri Lanka Public Sector Accounting Standards
on economic policy stakeholders to develop and provide (SLPSAS), aligning their accounting and reporting practices with
and matters on guidance on policies and actions that national standards.
national interest promote economic growth, stability
and overall prosperity for the nation.
Training and This aims to improve public sector h APFASL offers a range of training and capacity-building initiatives,
Capacity Building to accounting and reporting practices by such as diploma and certificate programmes, as well as
strengthen Public ensuring compliance with standards professional qualifications, aimed at elevating the quality of public
sector accounting and promoting transparency and sector accounting and reporting practices.
and reporting efficiency in financial management.
practices
Public Sector Annual Excellence in the preparation and h Promoting high standards of financial reporting and governance
Report Awards presentation of annual reports across all sectors of the economy.
by public sector organizations,
promoting transparency and
accountability in financial reporting
are recognized through this.

30 CA Sri Lanka Integrated Annual Report 2023