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As enacted
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Contents

Part XI · Accounting and Reporting

47. Financial reporting

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The financial statements of the Government shall –

(a)

be prepared complying with the standards to be developed based on the international public sector accounting standards;

(b)

promote transparency in the disclosure to public of financial information and effective management of revenue, expenditure, assets and liabilities of the public entities to which the accounting standards apply; and

(c)

be aimed at the advancement of financial reporting in the public sector.

(2)

The budgetary entities shall prepare and submit to the Auditor-General annual financial statement and information in the manner and with the frequency and detail as specified in relevant written laws.

(3)

A unified chart of accounts shall be used by every budgetary entity unless the Secretary to the Treasury exempts a particular budgetary entity from such requirement with the concurrence of the Minister of Finance:

Provided however, the accounts of every budgetary entity shall reflect all necessary information.

(4)

Not later than one hundred and eighty days after the closure of every financial year –

(a)

each public entity covered in subparagraph (i) of paragraph (a) of subsection (2) of section 3 shall publish an annual performance report; and

(b)

each public entity covered in subparagraph (ii) and (iii) of paragraph (a) of subsection (2) of section 3

shall publish an annual report, that shall include inter-alia the accounts and other financial statements to fulfill the requirements specified in the relevant written laws and regulations made thereunder.

(5)

The Secretary to the Treasury shall periodically issue, publish, and review the instructions, directives, processes, procedures, and systems for accounting and reporting.

(6)

Unless otherwise stated in this Act, the submission of the accounts and other financial statements of budgetary entities to the Auditor-General shall be in accordance with the provisions of the National Audit Act, No. 19 of 2018.

Read on from s 48

Part XII

State Owned Enterprises

Read on from Part XII

Part XIII

Provincial Councils and Local Authorities

Read on from Part XIII

Part XIV

Cadre Management

Read on from Part XIV

Part XV

Offences and Penalties

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Part XVII

Repeals

Read on from Part XVII

Part XVIII

Interpretation

Read on from Part XVIII