2 September 2026: As Sri Lanka’s sole standard setter for accounting, auditing and sustainability standards, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has approved the adoption of the Sri Lanka Standard on Sustainability Assurance (SLSSA) 5000, General Requirements for Sustainability Assurance Engagements, marking a significant milestone in the country’s sustainability reporting and assurance journey.
The adoption of SLSSA 5000 reinforces Sri Lanka’s commitment to enhancing the credibility, reliability and transparency of sustainability-related information disclosed by organisations. The standard will become effective for assurance engagements on sustainability information reported for periods beginning on or after 15 December 2026, or as at a specific date on or after 15 December 2026.
As sustainability reporting becomes increasingly important to investors, regulators, lenders and other stakeholders, the demand for independent assurance of sustainability information has grown significantly. SLSSA 5000 provides a dedicated framework for conducting sustainability assurance engagements, enabling assurance practitioners to deliver consistent and high-quality assurance services relating to the disclosure of sustainability related information.
Currently, sustainability assurance engagements in Sri Lanka are primarily performed under SLSAE 3000, the broad assurance standard for non-financial information. The adoption of SLSSA 5000 introduces a more comprehensive and specialised framework tailored specifically to sustainability reporting.
The standard addresses both reasonable assurance and limited assurance engagements and provides enhanced guidance on key areas, including materiality in a sustainability context, governance and risk considerations, forward-looking information, and alignment with globally recognised sustainability reporting frameworks such as the International Sustainability Standards Board (ISSB) Standards, SLFRS S1 & S2.
SLSSA 5000 also reflects evolving global best practices in sustainability assurance by incorporating sustainability-specific terminology and requirements, while providing a scalable framework suitable for organisations of different sizes and across different sectors.
The adoption of SLSSA 5000 complements Sri Lanka’s ongoing transition towards globally aligned sustainability reporting through SLFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and SLFRS S2 Climate-related Disclosures, which became effective from 1 January 2025. Together, these standards contribute to the development of a comprehensive sustainability reporting ecosystem encompassing disclosure, assurance, governance and accountability.
The move also positions Sri Lanka among the forward-looking jurisdictions embracing internationally aligned sustainability reporting and assurance practices, helping organisations enhance transparency, build stakeholder trust and demonstrate long-term resilience and value creation.
