Accounting

Accounting and financial reporting in Sri Lanka

Companies incorporated in Sri Lanka have to prepare financial statements in line with Sri Lankan Accounting Standards. These standards prefixed both SLFRS and LKAS. SLFRS refers to Sri Lanka Accounting Standards corresponding to IFRS and LKAS are Sri Lanka Accounting Standards corresponding to IAS. Further, depending on certain thresholds, companies can prepare financial statements in line with Sri Lanka Accounting Standard for Small and Medium-Sized Entities (SLFRS for SMEs) or Sri Lanka Accounting Standards for Smaller Entities (SLFRS for SEs).

We understand the unique challenges that international companies face when preparing financial statements in line with generally accepted accounting practices in Sri Lanka and various reporting requirements. As our firm is one of the best corporate accounting firms in Sri Lanka, our clients can rely on our talented and capable team of Chartered Accountants to fulfill their accounting and financial reporting requirements.

Our services

We provide ranging services from transaction recording to preparation of financial statements which is in line with generally accepted accounting practices in Sri Lanka. Further, we prepare customized reporting packages to meet our clients’ group-level reporting requirements. 

Our professional accounting services offer many advantages, which include:

• Reduced overhead and eliminates the need for an in-house accountant
• Guaranteed compliance with Sri Lanka Accounting Standards and other regulations
• Direct access to the accounting software to generate reports
• A whole team of skilled accounting experts that understand the needs and best interests of the client

Comprehensive Business Accounting & Bookkeeping

We are specialized in QuickBooks Plus accounting application. However, we can record transactions directly in the client’s specific accounting system depending on our resource availability.

The client may e-mail us an Excel sheet that consists of the data or scanned copies of source documents such as invoices, receipts, etc. and bank statements so that we may record it in the accounting software and prepare trial balance and financial statements for the relevant reporting period. The access to view and generate reports from the accounting software can also be given to an authorized person in the client’s organization.

• ✓ Monthly, quarterly, and annual accounting reports & tax procedures
  • Our expert team can record transactions and generate financial statements in line with generally accepted accounting practices on time so that our clients can focus on running their business with peace of mind. We will also communicate with the external consultants and auditors regarding the annual audit and etc.
• ✓ Bilingual financial statements and reporting
  • Our standard financial statements are provided in English as well as we can provide any required clarifications regarding the detailed notes to the financial statements in English. As for the extensive services we can provide financial statements and clarification in Japanese to our valuable Japanese company clients.
• ✓Management of fixed assets
  • We maintain the fixed assets registers to facilitate accounting depreciation and tax depreciation purposes. Furthermore, we facilitate physically verifying the assets. Nonetheless, the client has the responsibility to label and manage the assets.

Fee structure

We calculate the fee based on the estimated number of hours expected to be consumed based on the agreed scope of work. We dedicate ourselves to providing a cost-effective service to our clients.

Our other services