Sri Lanka Consolidated Acts

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Sri Lanka Accounting and Auditing Standards Act (No. 15 of 1995) - Sect 8

Accounting Standards Committee

8.
(1) An Accounting Standards Committee consisting of such members as are specified in subsection (2) is hereby established and such Committee shall make recommendations and otherwise assist the Institute in the adoption of accounting standards under section 2 of this Act.
(2) The Accounting Standard Committee shall consist of-
(a) the President of the Institute and five other members of the Institute nominated by the Council of such Institute ;
(b) one member nominated by the Sri Lanka Division at the Chartered Institute of Management Accountant at the United Kingdom :
(c) the Registrar of Companies;
(d) the Director-General of the Securities and Exchange Commission of Sri Lanka ;
(e) one member to represent the Central Bank nominated by the Governor of the Central Bank;
(f) one member who shall be a director of a company or person having extensive experience at senior managerial level in a specified business enterprise, nominated by the Ceylon Chamber of Commerce; and
(g) one member who shall be a director of a company or a person having extensive experience at a senior level in a specified business enterprise, nominated by the Federation of Chambers of Commerce and Industry of Sri Lanka,
(3) Notwithstanding the provisions of subsection (1), the Accounting Standards Committee shall, where it is called upon to make recommendations regarding accounting standards to be adopted in respect of licensed commercial banks or other financial institutions coining within the supervisory control of the Central Bank, consult the Central Bank and obtain its concurrence, before making such recommendations.


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