Association of Public Finance Accountants of Sri Lanka

Details: Written by Vijayanga; Category: Latest Events; Hits: 6451

Association of Public Finance Accountants of Sri Lanka (APFASL) Hosts Successful Annual Conference 2023

The Association of Public Finance Accountants of Sri Lanka (APFASL) successfully hosted its Annual Conference 2023 yesterday, bringing together over 100 members and esteemed invitees. This year's conference took on a unique dimension, centering around research, with three influential papers being presented and discussed, shedding light on critical aspects of the nation's financial landscape.

The conference, held on the 3^rd of October 2023 at the CA Sri Lanka auditorium, featured three research papers that attracted significant attention and deliberation from the attendees:

Public Expenditure Impact on the Economy: Delving into the intricate relationship between public expenditure and its repercussions on the national economy, this paper provided valuable insights into Sri Lanka's fiscal strategies.

SOE Reforms in Sri Lanka: The second paper focused on the much-needed reform within State-Owned Enterprises (SOEs) in Sri Lanka, exploring the intricacies of restructuring efforts and their implications.

E-Procurement System for the Public Sector: As technology continues to shape the modern world, this research paper highlighted the significance of an efficient E-Procurement system for the public sector in Sri Lanka.

The conference had a distinguished lineup of guests and speakers, including Mr. Suresh Shah, Chairman of CTC Ltd, and Head of the SOE Restructuring Unit of the Ministry of Finance, who graced the occasion as the chief guest. Mr. Brian Blood, CEO of the Confederation of Asia Pacific Accountants (CAPA), delivered the keynote address, sharing his valuable insights and experiences on current developments in public sector accounting and reporting in the international arena.

Mr. Sanjaya Bandara, President of CA Sri Lanka, and Mr. V Kanagasabapathy, President of APFASL, also took the stage to address the conference, emphasizing the importance of public finance management and collaboration within the accounting community.

The Annual Conference 2023 was made possible through the generous support of the Bank of Ceylon, who served as the lead financial sponsor for the event, along with Peoples Bank, demonstrating their commitment to advancing the field of public finance in Sri Lanka.

The APFASL Annual Conference 2023 proved to be a dynamic platform for knowledge exchange and networking, showcasing the association's dedication to enhancing the understanding and practice of public finance accounting in Sri Lanka.

Details: Written by Vijayanga; Category: Latest Events; Hits: 4349

In a grand event held at the BMICH, Colombo, on December 4th, 2023, the Association of Public Finance Accountants of Sri Lanka (APFASL) showcased the pinnacle of financial reporting excellence in the public sector with the announcement of the winners for the seventh annual Best Annual Report & Accounts (BARA) awards competition.

This year's competition, based on the financial accounts of 2022, received an overwhelming response, with a record-breaking 238 entries. The BARA Awards, the flagship event organized by APFASL, aim to promote and uphold financial accounting and reporting standards in Sri Lanka, contributing to the enhancement of the overall quality of public financial management in the country.

The competition featured twelve categories covering both central government and local government institutions. Evaluation criteria included adherence to Ministry of Finance circulars related to financial account preparation and presentation, as well as compliance with Sri Lanka Public Sector Accounting standards.

A total of 12 Gold, 17 Silver, and 12 Bronze awards were distributed among the participants. Additionally, 154 entities received "compliance" recognition, while 41 were acknowledged for their active "Participation" in the competition.

The coveted titles of overall winners were awarded to six outstanding institutions from both central government and provincial categories. The University of Sri Jayewardenepura claimed the gold award in the Central Government category, showcasing exceptional financial reporting practices. Meanwhile, the Southern Provincial Council emerged triumphant in the Local Government category, securing the top position.

The awards ceremony was graced by the presence of Mr. Niel Asoka Ranjith, Secretary to the Ministry of Public Administration, Home Affairs, Provincial Councils, and Local Government, who served as the chief guest. Addressing the gathering, Mr Ranjith said “The public sector is a crucial driver of national development. The government is fully committed to ensuring the highest standards of public financial management. Financial transparency is the cornerstone of good governance. The meticulous preparation and presentation of annual reports & accounts, as evaluated in this competition, plays a vital role in ensuring transparency and accountability in the utilization of public funds. Initiatives like the BARA competition aligns with our goals, and the participation of numerous institutions demonstrates a collective commitment to excellence."

Notable dignitaries in attendance included Mr Sujeewa Rajapakse – Chairman People’s Bank, Mr. Sanjaya Bandara, President of CA Sri Lanka, and Mr. V Kanagasabapathy, President of APFA Sri Lanka. The event drew over 400 invitees, representing the participating entities of this year's competition.

The BARA awards ceremony stands as a testament to the commitment of Sri Lanka's public sector institutions to uphold the highest standards of financial reporting, contributing to the transparency and accountability of public finances in the nation. Congratulations to all the winners for their outstanding achievements in the 2023 BARA Awards competition!

Details: Written by Vijayanga; Category: Latest Events; Hits: 3680

The Association of Public Finance Accountants of Sri Lanka convened its 12th Annual General Meeting on April 26, 2024, at the 6th-floor auditorium of CA Sri Lanka. The event had approximately 100 members in attendance.

A highlight of the occasion was the presentation of the CIPFA Affiliate membership certificates to 22 deserving members. The certificate presentation was done by the Chief Guest, Mr. Heshana Kuruppu, the President of CA Sri Lanka, who graced the event with his presence.

The day's agenda ended with a guest lecture delivered by Mr. E A Rathnaseela, the Director-General of Public Finance at the Ministry of Finance. Mr. Rathnaseela shared insights into the new Public Finance Management Act, offering attendees a comprehensive understanding of its implications and applications.

Details: Written by Vijayanga; Category: Latest Events; Hits: 4153

The USAID-funded capacity building program for public service financial professionals commenced its sessions on 16^th February 2023 at the Courtyard by Marriott, Colombo City Center, Colombo. The inauguration ceremony was attended by senior officials from USAID, Deloitte staff engaged with the project, the VP and CEO of CA Sri Lanka, and the President and staff of APFASL. The SLPSAS program is to be conducted in all nine provinces in the country. The IT modules are offered online, the sessions started on 20^th February 2023 and will be conducted three days a week and weekly over the next two years.