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Professor Mervyn King INTELLIGENCE & INSIGHT FROM CA SRI LANKA JUNE 2014 | WWW.CASRILANKA.COM MANAGING A RS6.7 TRILLION DEBT PORTFOLIO P.32 NEED INTEGRATED THINKING Professor Mervyn King ISSN 2279-3860 9 772279 386000 VOL.2 • ISSUE. 2 THE ABACUS | JUNE 2014 1 CONTENTS JUNE 2014 Features COVER STORY 26 | Mervyn King: You need integrated thinking from input to outcome South Africa is a pioneer in Integrated Reporting and Professor Mervyn King one of its leading advocates. IR is the new form of corporate reporting that goes beyond the numbers and looks at business in a broader sense, telling its story in a way more easily understood by ordinary people, or the shareholding public. 32 | Managing a Rs6.7 tn Debt Portfolio Dhammika Nanayakkara, Superintendent of Public Debt of the Central Bank of Sri Lanka, is one of 50 Chartered Accountants working in the bank regulator Professor Mervyn King: You need integrated thinking from input to outcome (PAGE 26) whose governor himself is a CA. Nanayakkara has the task Port City - creating new land of managing Rs6.7 trillion in (PAGE 44] public debt, a not inconsiderable responsibility given the multiple risks involved and its impact on the economy. 48 | Fayezul Choudhury: Imperative For Accounting Profession to Grow With Economy Founded in 1977, the International Federation of Accountants (IFAC) is the global organisation of the accountancy profession. Fayezul Choudhury: Imperative For Accounting Managing a Rs6.7 tn Debt Profession to Grow With Economy (PAGE 48) Portfolio (PAGE 32) 2 THE ABACUS | JUNE 2014 CONTENTS JUNE 2014 Clement Chan: We are Moving Towards a System Upgrading Service Culture Credit Unions – Banking of Principle - Based Standards (PAGE 38) (PAGE 14) and Social Responsibility (PAGE 18) 08 | Periscope 14 | Upgrading Service Culture The 21st century has been called the Age of the Customer, in which excellence in service has become the raison d’etre for organisational activities, in both business and the public service. 18 | Credit Unions – Banking and Social Responsibility Will the conventional banks ever provide “a New Moral World” of happiness, enlightenment, and prosperity? A Predictable Fading, But…. (PAGE 24) 20 | Lead with Gratitude and Inspire the Gift of Perspective, Potential, and Productivity Encouraging employees to express gratitude can boost morale and improve corporate competitiveness 24 | A Predictable Fading, But…. The challenges facing highland tea plantations will force their decline. How they respond to these will determine the disruptiveness of the decline 38 | Clement Chan: We are Moving Towards a System of Principle - Based Standards The evolution of a single set of internationally accepted accounting standards is a priority in the rapidly-globalising world economy today. Watery Gateway to the World (PAGE 61) 59 | Update 4 THE ABACUS | JUNE 2014 Intelligence & Insight from CA Sri Lanka The evolving financial reporting framework Institute of Chartered Accountants of Sri Lanka (CA etting the new set of accounting standards that’s been introduced Sri Lanka) is one of the largest adopted across different national jurisdictions and cultures remains professional organizations a work in progress. The 2014 South Asia conference on Financial Re- in Sri Lanka in which 5,400 porting for Economic Development, the first of its kind in Asia which chartered accountants have GCA Sri Lanka had the privilege of hosting, provided an opportunity to discuss obtained membership. The the current state of play in applying the rules. We took the opportunity to inter- Institute provides insight and view visiting delegates, experts in different fields, who took part in the confer- leadership to the accountancy ence, jointly organized by the Confederation of Asian and Pacific Accountants, and finance profession in Sri International Federation of Accountants (IFAC) and the World Bank. It brought Lanka as well as globally. together around 200 regulators, policy makers, business leaders, academics and professionals. Our well qualified members Mervyn King, one of the standard bearers of Integrated Reporting that compa- are trained to provide financial nies are increasingly adopting the world over, adorns our cover. He outlines how knowledge and guidance based it emerged and why South Africa became a world leader in IR and its importance on the highest professional, for companies in the future. technical and ethical In our Focus On section you can read about why training is essential to be standards, thereby assisting a competent company director and mull the bad habit of tax dodging through communities and organizations transfer pricing in Periscope. gain long-term sustainable And in our travel story this time we take you to Prague, one of Europe’s excit- economic growth. ing capital cities, on a tour of mystery and magic. CONTRIBUTORS PHOTOGRAPHY CA SRI LANKA © 2014 CA SRI LANKA. All rights reserved. No Mark Hager Shafraz Farook 30A, Malalasekera Mawatha, part of this publication may be reproduced or Padraig Colman Ruvin de Silva Colombo 7, Sri Lanka distributed in any form without the prior writ- Rohan Gunasekera T : 0094-11-2352000 ten permission of the publisher. The views and Shamindra Kulamannage F : 0094-11-2352060 opinions expressed in this publication are those Sravasti Ghosh Dastidar E : [email protected] of the authors. CA JOURNAL’S publications con- DESIGN & LAYOUT sultant is Capital Media (Pvt) Ltd., Indika Sriyan Gammudali 22, Flower Terrace, Colombo 7. Phone 0112577387 6 THE ABACUS | JUNE 2014 A word from the President Maintaining our versatility and vision s the torch bearers of Sri Council Prof. Mervyn King. It dem- Lanka’s accounting profes- onstrated the role and importance of sion, CA Sri Lanka is deter- accounting and auditing to enhance mined to stay ahead and the business climate, boost shared Abe relevant with changing times. We prosperity and strengthen public finan- have consistently played a key role in cial management across the region. ensuring Sri Lanka enjoys a robust and The decision to hold this conference sound financial landscape, by impart- in Sri Lanka, the first of its kind in ing the required skills and knowledge Asia similar in concept to the annual in our members. conference held in the Latin America Corporate directors play a critical and the Caribbean region, was not by role in their capacity as the trustees of accident. It is because of the phenom- shareholders in safeguarding public enal impact and influence Sri Lanka interest and propagating good corpo- has in the international financial and rate governance. In keeping with our accounting arena. Our members today continuing objective to offer the best give leadership to regional account- and most pertinent programmes for ing bodies, while some others enjoy a the advancement of our profession- strong presence at various internation- als, CA Sri Lanka together with the al level committees on accounting. The Securities and Exchange Commission accounting profession in this country recently launched the Corporate Direc- has embraced and rapidly adapted to tors Programme. This aims to enhance changes taking place in the profession existing competencies and help them globally and locally. The standing of grapple with new regulations and chal- our accounting profession today is on Our members lenges while effectively fulfilling their par with any country in the world. today give leadership corporate role and obligations. Last year, we kicked off the second The inaugural programme on 26th phase of our infrastructure develop- to regional accounting June 2014 received an overwhelming ment project, a big part of which is bodies, while some response. I am certain that the Corpo- now complete, giving members and rate Directors Programme will truly be students better facilities such as a others enjoy a strong an enriching, insightful, and rewarding well-stocked library. We will continue experience for directors. to develop our infrastructure to offer presence at various CA Sri Lanka was the proud host of better and improved services. international level the Financial Reporting for Economic Among the significant recent events Development Conference which was were a CEOs’ Forum, a CFOs’ Forum committees on jointly organized by the Confedera- and the Board Meeting of CAPA. In the accounting tion of Asian and Pacific Accountants coming months we will host several (CAPA), International Federation of Ac- other programmes to enhance the countants (IFAC) and the World Bank. knowledge and skills of members and The conference convened over 200 students, ensuring they are kept up to policy makers, regulators, business date with the changing trends, helping leaders, academics and professionals, them to maintain their versatile and including a galaxy of internationally visionary image for which they are celebrated accounting and financial sought after the world over. personalities such as IFAC Chief Execu- tive Fayez Choudhury and Chairman of Arjuna Herath the International Integrated Reporting President - CA Sri Lanka 8 THE ABACUS | JUNE 2014 Periscope GOvt debt ‘bail out’ fOR BANKS The private sector, especially speeds. Asia Securities stock concerns during periods banks, are virtually being brokers said this recurring where private investments ‘bailed out’ by increased gov- trend could be viewed as an moderate. Despite the drop 70.7% in profits, rising public debt ernment borrowing and not “automated balancing act” drop in volume of loans being crowded out as widely within the market mechanism disbursed in 2013 from a
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