P.Ariyasena Chief Accountant Ministry of Foreign Employment Promotion and Welfare.

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Presentation transcript:

P.Ariyasena Chief Accountant Ministry of Foreign Employment Promotion and Welfare

Introduction All paragraph have equal authority Effective date

Objective To prescribe the manner in which General Purpose Financial Statements (GPFS) should be presented to ensure compatibility both with the entity’s financial statements of previous periods and with financial statements of other entities

Scope GPFS prepared and presented under the accrual basis GPFS are intended to meet the need of the users who are not in a position to demand reports to meet their information needs (e.g. tax payers, members of legislatures, media,employees, general public etc) Could be presented separately or with annual report Applicable for all public sector entities.

FSs provide following information of the entity 1. Assets 2. Liabilities 3. Net assets/Equity 4. Revenue 5. Expenses 6. Changes in net assets/equity 7. Cash flows

Responsibility for FS Ministry/Department Secretary/Head of Dept/CA/Accountant Provincial Council Chief Secretary/DCS(F) Central Government ST/DGSA

Components of FS Statement of Financial Position Statement of Financial Performance Statement of changes in net assets/equity Cash flow statement Budget comparison Accounting policies and notes

Overall Consideration Fair presentation Going Concern Consistency of Presentation Materiality and Aggregation Offsetting Comparative information

Structure and Content Main items to be presented on the face of statement of financial position and statement of financial performance

Identification The FS shall be identified clearly and distinguished from other information in same published documents SLPSAS apply only to FS and not to other information presented in an annual report of other document Name of the reporting entity Whether the FS cover the individual entity or economic entity Reporting date and period Presentation currency/LKR The level of rounding

Reporting Period Annually Longer or shorter than on year, an entity shall disclose in addition to the period covered by the FS with the reason

Timeliness Within the period fix by the legislature

SOFP Current/Non Current distinction An entity shall present current and non current assets and current and non current liabilities as separate classification on the face of its statement of financial position Assets and liabilities expected to be recovered or settled no more than 12 months after the reporting date

Current Assets An assets shall be classified as current when it satisfied any of the following criteria It is expected to be realized in or is intended for sale or consumption in the entity’s normal operating cycle It is held primarily for the purpose of being traded It is due to be realized within twelve months after the reporting date It is cash or cash equilent

Current Liabilities A liability shall be classified as current when it satisfied any of the following criteria It is expected to be settled in the entity’s normal operating cycle It is held primarily for the purpose of being traded It is due to be settled within twelve months after the reporting date The entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date

Minimum Requirement face of the SOFP PPEs Investment Property Intangible Assets Financial Assets Short Term Investments Recoverable from non exchange transaction Receivables from exchange transactions Cash and cash equilents Tax and other payables etc

Statement of Financial Performance All items of revenue and expenses recognize in a period shall be included in surplus or deficit unless SLIPSAS requires or otherwise.

Minimum disclosure on the face of SOF Performance Revenue Financial Cost Share of net surpluses or deficit of associates and joint ventures for using the equity method Pre tax gain or loss recognized on disposal of assets or settlement of liabilities attributable to discounting operations Surplus or deficit

On the face of changes in net assets/equity disclosures Surplus/deficit Revenue and expenses as required by other standards Controlling interest and minority interest Correction of prior periods errors

Qualitative Characteristics of FS Understandability Relevance Materiality Reliability Faithful representation Substance over form Neutrality Prudence Completeness Comparability

Statement of Financial Position ItemActual 2013 LKR ‘000 Budget 2013 LKR‘000 Actual 2013 LKR’000 Assets Non Current Assets Land and Building Infrastructure Intangible Assets Other Non Financial Assets Current Assets Inventories Receivables Prepayments Other Current Assets Cash & Cash Equilents Total Assets

Statement of Financial Position ItemActual 2013 LKR ‘000 Budget 2013 LKR‘000 Actual 2013 LKR’000 Liabilities Net Assets/Equity Capital Contribution/Accumulated Fund Reserves Accumulated Surplus/Deficit Non Current Liabilities Payables Loan term Borrowings Current Liabilities Creditors Payables/Accruals Bank Overdraft Total Liability

Statement of Financial Performance itemActual 2013 LKR ‘000 Budget LKR ‘000 Actual 2013 LKR ‘000 Revenue Taxes Fees,Fines,Penelties and Licensees Revenue from exchange transactions Transfers Other Revenue Total revenue Expenses Salaries Overtime Travelling Depreciation Other Expense Total expenses Surplus/Deficit for the period

Statement of Changes in Net Assets/Equity ItemContri buted Capital Other reserves Translati on reserves Accumul ated Surplus TotalTotal Net Assets/e quity Balance at Changes in accounting policy Changes in NA/E 2013 Losses on revaluation Surplus for the Year Others Balance C/F