Sri Lanka stock exchange to change rules on financial statements

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)

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