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.
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:
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.
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.
If you have any questions, feel free to contact us.