Institute of Chartered Accountants of Sri Lanka
Encyclopedia
The Institute of Chartered Accountants of Sri Lanka is a professional accountancy body in Sri Lanka
Sri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...

. The Institute is established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to award the Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...

 designation. The Institute is responsible for setting Accounting Standards in Sri Lanka.

In September 2009, the Institute of Chartered Accountants of Sri Lanka and The National Institute of Accountants
National Institute of Accountants
The Institute of Public Accountants is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 22,000 members and students working in industry, commerce, government, academia and private practice.From the 2nd of May 2011, the organisation...

 (NIA) of Australia signed a mutual recognition agreement
Mutual recognition agreement
A mutual recognition agreement or MRA is an international agreement by which two or more countries agree to recognize one another's conformity assessments....

to mutually recognise the professionalism and standing of their members. This agreement grants members of both institutes the eligibility of admission to the other body, paving the way for Australian accountants to practise in Sri Lanka or vice-versa.

However, this MRA is still not implemented by ICASL now (14 April 2011). This Institute did not reply to several email and letter requests.

External links

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