The Sri Lanka Accounting and Auditing standards Act No. 15 of 1995 has empowered the Accounting Standards Committee to recommend the Sri Lanka Accounting Standards for the adoption in the country through the Council of the Institute of Chartered Accountants of Sri Lanka. Accordingly, there are 4 types of standards introduced by Accounting Standards committee in complying with International reporting standards, which companies shall apply by considering the scale/nature of business/capital thresholds.
1. Sri Lanka Accounting Standards for Specific Business Enterprises (SBE)