Dylan Customised Bicycles Essay example
RMIT College of Business
Building 80, 445 Swanston Street
March 28, 2014
Name of recipient:
Sekara Hotels Ltd
Dear Sir/ Madame
This report provide information about expansion project in finding a publicly listed subsidiary in Sri Lanka. Our team report has been researched and summarised all the information regarding to the project and attached as a report below.
We recommend you to have a look at the report and consider carefully about seeking international expansion opportunities.
This report divided into two categories. The first part provided information about the financial reporting …show more content…
Description of Financial Reporting in Sri Lanka
In the early 2000s, along with number growing high-profile accounting failure around the world such as Enrol and WorldCom (US), HMV Group (UK), HIH Insurance (Australia); there were many significant scandals which happened in Sri Lanka that led to the structural reforms in the financial reporting framework, which is now more concentrate on providing the definitions of the elements of the financial statements. Historical cost convention is promoted in order to bringing uniformity with the financial statement. Other conventions of valuation are also allowed.
In Sri Lanka, the official organisation that dealing with setting up accounting standard is called Institution of Chartered Accountants of Sri Lanka ( CA Sri Lanka). The Institution has been gone through two stages during the adoption of the IFRS. In 2011