2.
| (1) The Institute of Chartered Accountants of Sri Lanka (hereinafter referred to as the "Institute") shall, from time to time, adopt such accounting standards (hereinafter referred to as "Sri Lanka Accounting standards") as may be necessary for the purpose of maintaining 'uniform and high standard in the preparation and presentation of accounts of business enterprises |
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| (2) The Sri Lanka Accounting Standards adopted under subsection (1) shall be punished in the Gazette and shall become effective from and after the date of such publication or such later date as may be specified therein. |
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Sri Lanka Consolidated Acts