Dylan Customised Bicycles Essay example

2690 Words May 30th, 2014 11 Pages
Letter of transmittal/ memorandum

RMIT College of Business
Building 80, 445 Swanston Street
Melbourne 3000
Victoria, Australia

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.

Sincerely,

Vien Nguyen

Executive summary

This report divided into two categories. The first part provided information about the financial reporting
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Based on the research and the process of deduction, .The primary objective of this report is presenting the development and management about hotels and leisure resorts in Sri Lanka that based on the research and the process of deduction. Providing about the financial reporting requirement for publically listed companies and the likely future changing in Sri Lanka reporting requirement. How the culture influence on financial reporting, the regularity and the political process that are influencing the setting of accounting standards.

Finding

Section 1

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

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