Policy

Objectives

Formulation Accounting Policies for fair presentations of the Financial Statements, from the existing modified cash base accounting to modified accrual base accounting.

Responsibilities

1. To ensure the Process of transforming Government Accounting System from Modified Cash basis to modified Accrual basis

2. To ensure the Recognition, measurement & amp; disclosure of movable non-financial assets.

3. To ensure the Recognition, measurement & disclosure of Liabilities

4. To ensure the compatibility of IT based systems. (CIGAS, ITMIS etc.) And the corresponding policies.

Functions

1. Introduction and maintenance of interim accounting methodology by making necessary revisions to Sri Lanka Public Sector Accounting Standards under the programme of transition from modified cash basis to full accrual basis accounting

2. Verify the accuracy and completeness of identification of movable non-financial assets.

3. Recognition of liabilities and commitments

4. Rectify any issues arising from recognition and measurement of commitments and liabilities

5. Assist the ITMIS & NEW CIGAS development team and participate in its development process