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Sri Lanka Accounting Standards 24Related Party DisclosuresLKAS 24CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARDS 24 RELATED PARTY DISCLOSURES OBJECTIVE1SCOPE24PURPOSE OF RELATED PARTY DISCLOSURES58DEFINITIONS911DISCLOSURE1222EFFECTIVE

How to fill out sri lanka accounting standard-lkas

How to fill out Sri Lanka Accounting Standard-LKAS:

1. Familiarize yourself with the requirements: Before filling out Sri Lanka Accounting Standard-LKAS, it is crucial to fully understand the guidelines and requirements provided by the Sri Lanka Accounting Standards Board (SLASB). Read the standard thoroughly and make sure you comprehend the principles and concepts outlined.
2. Gather necessary financial information: To accurately fill out the Sri Lanka Accounting Standard-LKAS, gather all the relevant financial information, such as balance sheets, income statements, and cash flow statements. Make sure these statements are prepared in accordance with the standard, including any specific disclosures required.
3. Analyze and interpret the financial data: Once you have the financial information at hand, analyze and interpret it. This involves understanding the financial performance, the nature of transactions, and any potential implications on the financial statements. Use this analysis to determine how the data should be reflected in accordance with the Sri Lanka Accounting Standard-LKAS.
4. Apply the relevant accounting principles: With a clear understanding of the financial data and the requirements of the standard, apply the relevant accounting principles. This may include recognizing revenue, valuing assets and liabilities, and disclosing any material information as per the standard.
5. Prepare the financial statements: Using the financial data and the application of the Sri Lanka Accounting Standard-LKAS, prepare the necessary financial statements. Ensure that the statements are accurate, complete, and in compliance with the standard. Take into account any required disclosures and present the information in a clear and understandable format.

Who needs Sri Lanka Accounting Standard-LKAS:

1. Entities registered under the Companies Act: Companies registered under the Companies Act in Sri Lanka are required to follow the Sri Lanka Accounting Standard-LKAS for preparing their financial statements. This includes both public and private companies, regardless of their size or industry.
2. Auditors and accounting professionals: Auditors and accounting professionals in Sri Lanka need to have a thorough understanding of the Sri Lanka Accounting Standard-LKAS to properly assess and review financial statements. Compliance with the standard is essential in ensuring accurate and reliable financial reporting.
3. Regulatory bodies and stakeholders: Regulatory bodies, such as the Securities and Exchange Commission of Sri Lanka, rely on the Sri Lanka Accounting Standard-LKAS for monitoring and regulating financial reporting in the country. Stakeholders, including shareholders, investors, and lenders, also benefit from standardized financial reporting that ensures transparency and comparability.

In conclusion, filling out the Sri Lanka Accounting Standard-LKAS requires familiarity with the standard, gathering financial information, analyzing and interpreting the data, applying the relevant accounting principles, and preparing accurate financial statements. Entities registered under the Companies Act, auditors, accounting professionals, regulatory bodies, and stakeholders all need the Sri Lanka Accounting Standard-LKAS for various purposes related to financial reporting and decision-making.

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What is sri lanka accounting standard-lkas?

Sri Lanka Accounting Standard-LKAS is a set of accounting standards issued by the Institute of Chartered Accountants of Sri Lanka.

Who is required to file sri lanka accounting standard-lkas?

All entities in Sri Lanka, including companies, partnerships, and sole traders, are required to file Sri Lanka Accounting Standard-LKAS.

How to fill out sri lanka accounting standard-lkas?

To fill out Sri Lanka Accounting Standard-LKAS, entities need to prepare financial statements in accordance with the accounting standards and submit them to the relevant authorities.

What is the purpose of sri lanka accounting standard-lkas?

The purpose of Sri Lanka Accounting Standard-LKAS is to ensure consistency and transparency in financial reporting, and to provide users of financial statements with reliable information.

What information must be reported on sri lanka accounting standard-lkas?

Entities must report information such as income statements, balance sheets, cash flow statements, and notes to the financial statements in accordance with Sri Lanka Accounting Standard-LKAS.