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Sri Lanka stock exchange to change rules on financial statements

Apr 17, 2017 14:26 PM GMT+0530 | 2 Comment(s)

ECONOMYNEXT – Sri Lanka’s stock exchange has proposed changes to its listing rules to cover additional requirements it introduces to the way companies prepare audited financial statements in accordance with local standards.

The proposed changes, on which public comments are invited, are needed as the existing rules do not make binding on listed firms any additional requirements the Colombo Stock Exchange introduces.

At present, the Listing Rules of the CSE require listed firms to prepare audited financial statements in accordance with the applicable Sri Lanka Accounting Standards (LKAS).

“Accordingly, in the event the CSE introduces additional requirements to be adhered to by such Entities in preparing their audited financial statements, it is noted that such additional requirements will not be binding on the Listed Entities as per the wording of the present captioned rule,” the CSE said.

The CSE proposed to amend the present Rule 7.5 (a) in order to address these concerns, changing the wording to say that listed firms shall comply with “any other applicable regulatory requirements.”
(COLOMBO, April 17, 2017)


 

2 Comments

  1. sacre blieu April 18, 10:07 AM

    Recently a French investor delegation who came to the island, reflected that Sri Lanka has a great potential for investment, but they were scared and discouraged about scam and falling victims to it. Is this not a grave indictment on the administrators and the way our stock market is governed.

  2. sacre blieu April 18, 09:03 AM

    Of what good are new rules ,and seem to done frequently and which shows the capability and efficiency, if they are not applied when the default occurs. They should delivery on the promise of justice to the investors who were played out. Also he CSE should ensure that a far better reporting of the days market is compiled for the viewers, because some are too casual about the events, and worse last night the state television network reported the market as gains of over 51 pts., when it was down by a similar amount.

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