Slas 03

SLAS 03
FRAME WORK FOR THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

Covering Objective
Recommendation of basis for preparation of Financial Statements for general purpose: The Directors presents their report to the members together with the audited Financial Statements of Odel Limited and Consolidated Financial Statements of the Group for the year ended 31st March 2010 Improvement of the Comparability: Balance sheet, income Statement, Cash flow, Statement of changing in equity, notes to the financial statements all are made as according to SLAS. So that it may be compared by other company financial statements and within the group
And so as in auditors report In our opinion, so far as appears from our Examination, the company maintained proper accounting records for the year ended 31 March 2010 and the financial statements give a true and fair view of the state of affairs as at 31 March 2010 and its profit and cash flows for the year then ended in accordance with Sri Lanka Accounting Standards. In our opinion, the consolidated financial statements give a true and fair view of the state of affairs as at 31 March 2010 and the profit and cash flows for the year then ended, in accordance with Sri Lanka Accounting Standards, of the Company and its subsidiaries dealt with thereby, so far as concerns the shareholders of the Company.
Balance sheet, income Statement, Cash flow, Statement of changing in equity, notes to the financial statements all are made as according to last year accounting treatments.
2.1.3 Comparative Information The accounting policies have been consistently applied by the Group and, are consistent with those used in the previous year.
Covering Scope:
The financial report of Odel Limited is done according the SLAS. And it prove by 2.1.1 Statement of Compliance The balance sheet, statements of income, changes in equity and cash flow, together with the accounting policies and notes, The balance sheet, statements of income, changes in equity and cash flow, together with the accounting policies and notes, Consolidated Financial Statements of the Group and the Company as at 31st March 2010 and for the year then ended comply in all material respects with the applicable Sri Lanka Accounting Standards.
Covering the Responsibility for Financial Statement

From report of the auditor
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Sri Lanka Accounting Standards. Management is responsible for the preparation and fair presentation of these financial statements in accordance with Sri Lanka Accounting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. As in Financial Statement
Covering the Component of Financial Statement

Has cover the required components as such Balance sheet, Income Statement, Cash flow, Statement of changing in equity, notes to the financial statements
Covering Overall Consideration

Covering fair presentation Have selection of events, and conditions
Covering compliance
Covering accounting concepts

Accrual Basis of Accounting Under this concept accounting transactions are identified the way it had taken place. Going Concern
Covering Over-Roll consideration

Consistency of Preparation Accounting policies can be changed only when Is required by a standard still cant be add those change of new accounting standards cant be applied. Results in the FS providing reliable and more relevant information about the effects of transaction. Materiality and aggregation All material is shown separately in FS
Eg: PPE
Offsetting Unless the Sri Lanka Accounting Standard requires or permit the assets should not be off setting against a liability. Setting off income against expenditure can be done only if When permitted SLAS Income and expenditure arising out of the same transaction
These are covered by Odel Limited and Consolidated Financial Statements. Comparative Information Unless SLAS permitted or recommended, every FS, should carry comparative figures. As below 2009 and 2010 both information is included.
Disclosure Material information is shown on the face of FS or in a note to the FS.
Identification of Financial Statements Financial statement is separately shown from page 44 - page 77 Conduct is include Name of the company : Is FS made for the company or group: Period covered by FS:
Name of the currency used : Level of correctness in figures : Page is numbered and :
Reporting Period
Balance Sheet
Assets and liabilities are presented as non-current and current if not in order of liquidity or monetary and non-monetary assets and liabilities.
Information that should be present on a face of a B/S
Information that should be present on a face of a B/S or in the notes of a B/S Tangible assets ->as in SLAS18 Receivables classified->as trade receivables ->from other member of the group ->from relate parties ->prepayments ->other receivables Stocks->as in SLAS05 Provisions ->employee gratuity, etc Standard capital and reserves.
Disclosure Type of shares
Nature and the objective of reserves
Income statement
The business should disclose at least the following on the face of the income statement. Revenue Financial cost Taxes Profit or loss for the period Information that should be present on a face of the I/S
Information that should be present on a face of a I/S
Information that should be present on a face of the I/S or in the notes of the I/S Stock which written down to its net realizable value or property plant & equipment has been written down to its recoverable value. Disposal of property plant & equipment. Disposal of investments. Legal settlements.
Statement of Changes Inequity

Information that should be present on a face of the Statement of Changes Inequity.
Information that should be present on a face of a Statement of Changes Inequity.
Cash Flow Statement.
Information that should be present on a face of a Cash flow Statement is covered by SLAS 09
Notes of Financial Statements

A. FS & accounting policies adopted to deal with major transactions or incidents.
Eg:
B. Other information selected by the management to be included in the notes.
Eg:
C. Matters required to being disclosure as per accounting standard.
Eg:
Odel Limited done notes in order such Statements in compliance with SLAS Basis of accounting & accounting policies adopted All sub classification Other disclosure
Disclosure of Accounting Policies

Measurement of basis or bases used in preparation of FS. Other accounting policies adopted to understand the FS.

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SLAS 03

FRAME WORK FOR THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS

Covering the Responsibility for Financial Statement

Covering the Component of Financial Statement

Covering Overall Consideration

Covering accounting concepts

Covering Over-Roll consideration

Disclosure Material information is shown on the face of FS or in a note to the FS.

Information that should be present on a face of a B/S

Disclosure Type of shares

Nature and the objective of reserves

Statement of Changes Inequity

Cash Flow Statement.

Notes of Financial Statements

B. Other information selected by the management to be included in the notes.

C. Matters required to being disclosure as per accounting standard.

Disclosure of Accounting Policies

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