SLPSAS 1 Presentation of Financial StatementsP.AriyasenaChief AccountantMinistry of Foreign Employment Promotion and Welfare

IntroductionAll paragraph have equal authorityEffective date 2011.01.01

Objective

To prescribe the manner in which General Purpose Financial Statements (GPFS) should be presented to ensure compatibility both with the entity’s financial statements of previous periods and with financial statements of other entities

ScopeGPFS prepared and presented under the

accrual basisGPFS are intended to meet the need of the

users who are not in a position to demand reports to meet their information needs

(e.g. tax payers, members of legislatures, media ,employees, general public etc)

Could be presented separately or with annual report

Applicable for all public sector entities.

FSs provide following information of the entity1. Assets2. Liabilities3. Net assets/Equity4. Revenue5. Expenses6. Changes in net assets/equity7. Cash flows

Responsibility for FSMinistry/Department Secretary/Head of Dept/CA/Accountant

Provincial Council Chief Secretary/DCS(F)Central Government ST/DGSA

Components of FSStatement of Financial PositionStatement of Financial PerformanceStatement of changes in net assets/equityCash flow statementBudget comparisonAccounting policies and notes

Overall ConsiderationFair presentationGoing ConcernConsistency of PresentationMateriality and AggregationOffsettingComparative information

Structure and Content

Main items to be presented on the face of statement of financial position and statement of financial performance

IdentificationThe FS shall be identified clearly and

distinguished from other information in same published documents

SLPSAS apply only to FS and not to other information presented in an annual report of other documentName of the reporting entityWhether the FS cover the individual entity or

economic entityReporting date and periodPresentation currency/LKRThe level of rounding

Reporting PeriodAnnuallyLonger or shorter than on year, an entity

shall disclose in addition to the period covered by the FS with the reason

TimelinessWithin the period fix by the legislature

SOFPCurrent/Non Current distinction An entity shall present current and non

current assets and current and non current liabilities as separate classification on the face of its statement of financial position

Assets and liabilities expected to be recovered or settled no more than 12 months after the reporting date

Current AssetsAn assets shall be classified as current when

it satisfied any of the following criteriaIt is expected to be realized in or is intended

for sale or consumption in the entity’s normal operating cycle

It is held primarily for the purpose of being traded

It is due to be realized within twelve months after the reporting date

It is cash or cash equilent

Current LiabilitiesA liability shall be classified as current when

it satisfied any of the following criteriaIt is expected to be settled in the entity’s

normal operating cycleIt is held primarily for the purpose of being

tradedIt is due to be settled within twelve months

after the reporting dateThe entity does not have an unconditional right

to defer settlement of the liability for at least twelve months after the balance sheet date

Minimum Requirement face of the SOFPPPEsInvestment PropertyIntangible AssetsFinancial AssetsShort Term InvestmentsRecoverable from non exchange transactionReceivables from exchange transactionsCash and cash equilentsTax and other payables etc

Statement of Financial PerformanceAll items of revenue and expenses recognize

in a period shall be included in surplus or deficit unless SLIPSAS requires or otherwise.

Minimum disclosure on the face of SOF PerformanceRevenueFinancial CostShare of net surpluses or deficit of associates

and joint ventures for using the equity method

Pre tax gain or loss recognized on disposal of assets or settlement of liabilities attributable to discounting operations

Surplus or deficit

On the face of changes in net assets/equity disclosures Surplus/deficitRevenue and expenses as required by other

standardsControlling interest and minority interestCorrection of prior periods errors

Qualitative Characteristics of FSUnderstandabilityRelevanceMaterialityReliabilityFaithful representationSubstance over formNeutralityPrudenceCompletenessComparability

Statement of Financial PositionItem Actual

2013LKR ‘000

Budget 2013LKR‘000

Actual 2013LKR’000

AssetsNon Current AssetsLand and BuildingInfrastructureIntangible AssetsOther Non Financial Assets

Current AssetsInventoriesReceivablesPrepaymentsOther Current AssetsCash & Cash EquilentsTotal Assets

Statement of Financial PositionItem Actual

2013LKR ‘000

Budget 2013LKR‘000

Actual 2013LKR’000

LiabilitiesNet Assets/EquityCapital Contribution/Accumulated FundReservesAccumulated Surplus/DeficitNon Current LiabilitiesPayablesLoan term Borrowings

Current LiabilitiesCreditorsPayables/AccrualsBank OverdraftTotal Liability

Statement of Financial Performanceitem Actual

2013LKR ‘000

Budget22013 LKR ‘000

Actual 2013LKR ‘000

RevenueTaxesFees,Fines,Penelties and LicenseesRevenue from exchange transactionsTransfersOther RevenueTotal revenue

ExpensesSalariesOvertimeTravellingDepreciationOther ExpenseTotal expensesSurplus/Deficit for the period

Statement of Changes in Net Assets/EquityItem Contr

ibuted Capital

Other reserves

Translation reserves

Accumulated Surplus

Total Total Net Assets/equity

Balance at 31.12.2012Changes in accounting policyChanges in NA/E 2013Losses on revaluationSurplus for the YearOthersBalance C/F