Chartered Accountant Prabash Galagedara with his newly launched book.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently teamed up with
Chartered Accountant Prabash Galagedara to launch his transformative book on Artificial Intelligence (AI) at a ceremony in Colombo.

Titled “AI for Finance Professionals,” the book delves into the potential of AI and its profound implications for the accounting profession.

Mr. Galagedara, a distinguished member of CA Sri Lanka and an industry leader with over two decades of experience in data analytics and technology, brings his unique insights to the forefront in this thought-provoking publication.

CA Sri Lanka, as the exclusive publisher for circulation in Sri Lanka, formerly unveiled the book recently which was graced by Mr. Heshana Kuruppu, President of CA Sri Lanka, and Mr. Tishan Subasinghe, Vice President, Members of Council, as well as Mr. Asoka Piyadigama, Chief Executive Officer, and Ms. Lakmali Priyangika, Chief Operating Officer of CA Sri Lanka. The event also featured Mr. Jehan Jeyaretnam, Country Head for Acuity Knowledge Partners, who provided the book review.

As per the agreement signed between CA Sri Lanka and the author, 50% of the profits from each book sold will be donated to the CA Sri Lanka Scholarship Fund.

The nexus between finance and AI is becoming increasingly important in today’s rapidly evolving world. To successfully navigate the shift to a futuristic work environment, both seasoned professionals and prospective students must have a thorough awareness of AI’s applications in finance. Mr. Galagedara’s book serves as a strategic roadmap for finance professionals, offering insights into how AI can optimise their professional journey in the futuristic world. For students, it serves as a foundational resource for adjusting to a digital work environment with AI, providing a thorough overview of AI’s role in reshaping the finance industry.

Mr. Galagedara holds an undergraduate degree from the Department of Accounting, University of Sri Jayewardenepura. He further honed his expertise through executive education at Harvard Business School, specialising in disruptive innovation and modern company evolution. Currently serving as General Manager of one of the largest ASX-listed companies in Australia, Mr. Galagedara’s career spans across finance, information technology, consulting, risk, and audit.

His debut book, “Embrace: In Pursuit of Happiness through Artificial Intelligence,” quickly rose to prominence, becoming an instant Amazon best-seller in Robotics and AI.

Mr. Prabash Galagedara presenting a copy of the book to Mr. Heshana Kuruppu, President of CA Sri Lanka.

A section of the audience at the launch event.

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Mr. Heshana Kuruppu, President of CA Sri Lanka, and Mr. Sabah Mubarak Al-Jalawi, Chairman of KAAA exchanging the MoU.

Heralding a new era for both Sri Lankan and Kuwaiti accounting professionals, the Kuwait Chapter of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is poised to catalyze professional growth and knowledge exchange opportunities for Sri Lankans through an impactful partnership with the Kuwait Accountants & Auditors Association (KAAA).

The Memorandum of Understanding (MoU) was signed by Mr. Heshana Kuruppu, President of CA Sri Lanka, and Mr. Sabah Mubarak Al-Jalawi, Chairman of KAAA, in the presence of Mr. Kandeepan Balasubramanaiam, Ambassador of Sri Lanka in Kuwait, and Mr. Dimuthu Ethugala, President of the CA Sri Lanka Kuwait Chapter, at a recent event at the Crown Plaza Hotel, Kuwait.

The collaborative effort between CA Sri Lanka’s Kuwait Chapter and KAAA aims to create a dynamic platform for individuals seeking to advance their careers in the accounting and finance fields. By leveraging the resources and expertise of both bodies, the CA Sri Lanka Kuwait Chapter is committed to empowering Sri Lankans to excel in their professional journeys and contribute significantly to the global accounting landscape. The KAAA is a prominent accounting organisation founded in 1973.

Through the MOU, KAAA will host seminars, events, and training programmes, enabling members of CA Sri Lanka to participate and broaden their knowledge, skills, and competencies for career advancement within Kuwait, while the CA Sri Lanka Kuwait Chapter will facilitate participation in seminars, events, and webinars in collaboration with KAAA, providing essential venues and facilities for these programmes. Additionally, technical programs offered by CA Sri Lanka are recognised in Kuwait, enabling government bodies, ministries, and KAAA members to partake in these initiatives, fostering knowledge exchange between the nations.

The MOU will also facilitate CA Sri Lanka students to gain the opportunity to study at KAAA, while KAAA students can explore educational opportunities at CA Sri Lanka, enhancing cross-cultural and cross-border learning experiences. CA Sri Lanka will also offer short-term study programmes in accounting, finance, and audit domains in collaboration with KAAA, enabling Kuwaiti students and members to access valuable educational resources.

Furthermore, CA Sri Lanka will also provide guidelines and measures to enhance services related to corporate governance, technical research and advice, quality assurance, forensic accounting, as well as issues concerning small and medium-sized practices (SMPs), Islamic finance, and continuing professional development (CPD), enriching KAAA’s service offerings.

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Panel discussion in session

With a steadfast dedication to providing Chartered Accountants with the essential tools required to navigate the dynamic landscape of quality management, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently organised a vital session aimed at educating its practicing members on the imperatives of adopting Sri Lanka Standards for Quality Management (SLSQM).

Under the theme ‘Practice Quality Management with SLSQM,’ the session underscored the significance of these standards, which are set to come into effect on 01st January 2025. These standards play a crucial role in improving the quality and consistency of company performance.

In his speech, Mr. Heshana Kuruppu, President of CA Sri Lanka, reiterated the Institute’s unwavering commitment to supporting practicing members in implementing SLSQM effectively.

Mr. Saman Sri Lal, Chairman of the Professional Accountants in Practice Committee of CA Sri Lanka, explained that quality management does not apply only to large firms or international affiliations and is equally beneficial and applicable to even a sole practitioner. “It is imperative that our members cater to global demands.’

Significant features of the standards were introduced to the audience by Mr. Damith Gamage, Partner of Ernst & Young, while Ms. Thamali Rodrigo, Partner of KPMG, elaborated on how the implementation of these standards would benefit practices of all sizes.

The insightful session concluded with a panel discussion moderated by Ms. Anoji De Silva, Alternate Chairperson of the Committee and featuring Mr. Manil Jayesinghe, Past President of CA Sri Lanka; Mr. Tishan Subasinghe, Vice President of CA Sri Lanka; and Mr. Chathumin Gunaratne, Partner at Deloitte. The panel shed light on the importance of audit and assurance services to the economic growth of the country by enhancing trust in the capital market, the scalability of SLSQM to cater to firms of different sizes, and how better internal processes can attract more local and international clients.

Mr. Saman Sri Lal, Chairman of the Professional Accountants in Practice Committee of CA Sri Lanka delivering his speech

Mr. Heshana Kuruppu, President of CA Sri Lanka addressing the event

A section of the audience

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Mr. Dimuthu Ethugala presenting a copy of the magazine to Mr. Heshana Kuruppu.

Embarking on a journey of connectivity, the Kuwait Chapter of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) ventured into uncharted territories by marking a significant milestone in the landscape of communication with the launch of “The Hub” magazine.

The magazine was officially launched at the Crowne Plaza Hotel in Kuwait, with the first two copies being presented to Mr. Kandeepan Balasubramaniam, Ambassador of Sri Lanka to Kuwait, and Mr. Heshana Kuruppu, President of CA Sri Lanka, by Mr. Dimuthu Ethugala, President of the CA Sri Lanka Kuwait Chapter and Mr. Samantha Weerasekara, Chairman of the Magazine Committee.

“The Hub,” a premier business and lifestyle magazine, the first of its kind by an overseas chapter of CA Sri Lanka, aims to transcend traditional boundaries, and become a beacon of collaboration and progress by connecting the Middle East with Sri Lanka.

As the first overseas publication of CA Sri Lanka, the insightful magazine will serve as a gateway to attract foreign investments from the Middle East to Sri Lanka, apart from also offering advertising opportunities to cater to multiple stakeholders, across Kuwait, and other Middle East countries.

Mr. Kuruppu said that the launch of “The Hub” marks a significant moment for CA Sri Lanka as it continues to go beyond borders and into new territories. “This magazine represents our commitment to connectivity and excellence as we look to bridge economic frontiers and foster collaboration among businesses, investors as well as professionals in the Middle East with Sri Lanka.”

Mr. Ethugala explained that, as part of the long-term strategies, Middle Eastern nations are investing heavily in non-oil sectors, building new income streams around the world and the key diversification areas include real estate, tourism, logistics, and technology sectors. “With Sri Lanka’s burgeoning potential in these areas, we believe ‘The Hub’ will serve as a critical platform to attract foreign investments from the Middle East to Sri Lanka,” he said.

“The Hub” serves as a gateway to a world of boundless possibilities, seamlessly blending the realms of business and lifestyle, by offering an insightful read to captivate the attention of discerning individuals who value quality, innovation, and excellence.

“The Hub” Magazine launched by CA Sri Lanka’s Kuwait Chapter to help attract foreign investments from the Middle East to Sri Lanka.

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The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised an insightful session that explored the latest tax updates affecting both individuals and businesses while assisting them in navigating through the changes.

The session titled “Navigating Tax Changes: TIN Registration and Temporary Concessions Explained,” held mid-month, helped individuals, including professionals, understand how to sign up for a Taxpayer Identification Number (TIN), apart from highlighting how to take advantage of the temporary concessions that will end before 31st March 2024.

The session brought together a highly knowledgeable panel, including Mr. Sulaiman Nishtar, Head of Tax at Ernst & Young; Mr. Nihal Wijewardana, Senior Deputy Commissioner at the Department of Inland Revenue; Mr. Prasad Dassanayake, Managing Partner at Dassanayake Associates; and Ms. Sarah Afker, Chairperson of the CA Sri Lanka Faculty of Taxation.

In his insightful presentation, Mr. Nishtar provided the participants, comprising chartered accountants as well as students and other professionals, with an overview of the income tax changes implemented for the year 2023/2024 and their impact. During his speech, he specifically highlighted restrictions on cash payments exceeding Rs. 500,000 while also elaborating in detail on the penal provisions for non-compliance.

Touching upon the highly discussed TIN registration, Mr. Nishtar explained in detail the possible inconveniences that a person may have to face once the measures explained in the budget proposals are brought into effect by law when purchasing property, renewing motor vehicle licences, opening current accounts at banks, among other matters.

The session concluded following a panel discussion where experts delved into detail on the matter at hand. Sharing his thoughts, Mr. Nihal Wijewardana, who spoke on behalf of the Department of Inland Revenue, explained that registering for income tax is not obligatory for individuals with only employment income but also stressed the significance of obtaining the TIN for all resident citizens above 18 years old. According to him, non-residents do not necessarily need to register for a TIN unless they need to renew their vehicle licence in their name or to purchase assets. He also forecasted possible amendments to the income tax law, which will likely introduce marginal relief for employees with interest income as their only other source of income other than employment-related income.

Mr. Prasad Dassanayake utilised the platform to speak further on the temporary concessions,discussing the available temporary tax concessions such as enhanced capital allowances and additional deductions for information technology related businesses, valid until 31st March 2024.

The session was moderated by Ms. Sarah Afker.

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Mr. Mohan Pandithage rings the customary bell at CSE marking the launch of the TAGS Compliance Badge in the presence of Mr. Heshana Kuruppu, Mr. Tishan Subasinghe, Mr. Sanjaya Bandara, Ms. Chamila Cooray, Mr. Thivanka Jayasinghe, Mr. Dilshan Wirasekara, and Mr. Rajeeva Bandaranaike.

In a momentous occasion set to strengthen the country’s reporting landscape, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) launched the TAGS Compliance Badge, aimed to be a symbol of excellence and adherence to the highest standards of financial and non-financial reporting among corporates in Sri Lanka.

CA Sri Lanka partnered with the Colombo Stock Exchange (CSE) to ‘Ring the Bell,’ marking a symbolic moment as CA Sri Lanka officially launched the TAGS Compliance Badge, affirming its commitment to promoting enhanced transparency and excellence in corporate reporting. This event also marked CA Sri Lanka’s first-ever ‘Ring the Bell’ occasion at CSE.

The unveiling of the TAGS Compliance Badge was witnessed by Chief Guest Mr. Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC, as well as CA Sri Lanka’s President Mr. Heshana Kuruppu, Vice President Mr. Tishan Subasinghe, Immediate Past President Mr. Sanjaya Bandara, Chairperson of the TAGS Committee Ms. Chamila Cooray, Former Committee Chair Mr. Thivanka Jayasinghe, CEO Mr. Asoka Piyadigama, as well as CSE’s Chairman Mr. Dilshan Wirasekara, and CEO Mr. Rajeeva Bandaranaike.

The TAGS Awards, an evolution of the esteemed Annual Report Awards Competition with a legacy spanning over 58 years, represent a significant milestone in CA Sri Lanka’s journey. In 2022, CA Sri Lanka reconceptualized and rebranded this prestigious competition, placing emphasis on non-financial reporting alongside traditional financial reporting. The aim of TAGS is to recognise organisations for embracing digitalization, transparency, accountability, governance, and sustainability in line with evolving stakeholder demands.

The launch of the compliance badge also marks a new chapter in corporate recognition, as the badge serves as a testament to the commitment of participating companies to meet the rigorous criteria set forth by CA Sri Lanka, signifying adherence to best practices in financial and non-financial reporting.

Mr. Heshana Kuruppu said, “By introducing the TAGS Compliance Badge, we are ushering in a new era of corporate excellence and accountability, highlighting CA Sri Lanka’s steadfast dedication to promoting transparency and integrity in financial reporting.”

“Furthermore, the TAGS compliance badge is not only about the amount of money a company makes, but it also reflects how that money is earned. The TAGS badge showcases to the world that companies receive it because they operate ethically,” Mr. Kuruppu added.

Addressing the event, Mr. Dilshan Wirasekara said, “What this compliance badge will do to our market is position listed companies at the forefront of transparent financial reporting, encompassing social, environmental, and governance aspects. This would give investors, especially foreign investors, greater credibility that companies are broadly in compliance with these principles.”

The TAGS Compliance Badge symbolises an entity’s dedication to strengthening transparency, accountability, governance, and sustainability factors. Furthermore, the badge will also be featured on the CSE website. Companies which are awarded the TAGS Compliance Badge can leverage this accreditation to enhance their brand reputation, showcase their commitment to stakeholders, and differentiate themselves in the marketplace.

The badge will also serve as a third-party endorsement of a company’s compliance with the TAGS Awards criteria, further solidifying their position as entities that work towards strengthening transparency, accountability, governance, and sustainability.

Chairman and Chief Executive of Hayleys PLC Mr. Mohan Pandithage delivering his speech.

CA Sri Lanka President Mr. Heshana Kuruppu addressing the gathering.

CSE Chairman Mr. Dilshan Wirasekara delivering the welcome speech.

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Ms. Chandrika Muhandiramge receiving the “SAFA Lifetime Woman Leadership Award”.

Two female fellow members of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) brought honour to the nation and the local accounting fraternity earlier this month when they clinched top regional awards, outshining many other female accountants from South Asia.

Chartered Accountant Ms. Chandrika Muhandiramge was bestowed with the prestigious “Lifetime Woman Leadership Award,” while Ms. Ranjani Joseph, also a Chartered Accountant was honoured with the “Best Woman Practitioner Award” at the SAFA Women Leadership Awards 2024, organised by the South Asian Federation of Accountants (SAFA) and held in Nepal early this month.

Ms. Muhandiramge serves as the Executive Director/Group CFO at Abans PLC, while Ms. Joseph is the Partner, Head of Banking Services & Markets, and Deputy Head of Audit at KPMG Sri Lanka.

The achievements of both Ms. Muhandiramge and Ms. Joseph highlight the exceptional caliber and contributions of women professionals in Sri Lanka’s accounting fraternity and professional domain. Additionally, the achievement also reflects their individual excellence, strength, and dynamism.

The SAFA Women Leadership Awards not only honour individual achievements but also serve to inspire and motivate future generations of accounting professionals to strive for excellence and make meaningful contributions to the profession and society across South Asia.

Addressing the event in Nepal, Mr. Heshana Kuruppu, President of SAFA and CA Sri Lanka, utilised the platform to urge everyone to celebrate the accomplishments of women and to recommit to pushing boundaries, breaking barriers, and creating pathways for women to realise their full potential. “Together, let us build a future where every woman has the opportunity to thrive, lead, and make a meaningful impact on the world,” Mr. Kuruppu said.

The awards comprised nine categories and were open to all SAFA member countries, including India, Pakistan, Bangladesh, Sri Lanka, Nepal, the Maldives, and Afghanistan.

SAFA Officials with the winners of the SAFA Women Leadership Awards.

Ranjani Joseph

Chandrika Muhandiramge

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A section of the participants including officials of CA Sri Lanka and the guest speakers

Stepping up in its standing as the National Body of Accountants and as a leading professional body, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) took the initiative to bring together experts to focus on the highly debated restructuring process of State-Owned Enterprises (SOEs).

The enlightening forum, held on 04th March 2024, in collaboration with the Ministry of Finance, Economic Stabilisation, and National Policies, served as a pertinent platform that brought together prominent figures representing the government, industry and corporate to discuss and debate critical issues and explore potential solutions related to SOE restructuring in the country.

The event was keynoted by Dr. Indrajit Coomaraswamy, former Governor of the Central Bank of Sri Lanka, followed by an insightful panel discussion featuring Mr. Suresh Shah, Director-General of the State-Owned Enterprises Restructuring Unit, Ministry of Finance, and Mr. Reyaz Mihular, Chairman of Bairaha Farms PLC and Former Chairman of Sri Lanka Telecom. The session was moderated by Mr. Arjuna Herath, Past President of CA Sri Lanka and Chairman of the Policy Advocacy and Economic Contribution Committee (PAECC) of CA Sri Lanka.

During the forum, participants were provided with an in-depth understanding of the current landscape of SOEs in Sri Lanka and a detailed analysis of the challenges and opportunities associated with SOE restructuring, in addition to exploring the best practices and recommendations to ensure effective SOE reforms which will benefit the country on the long term.

Among those present at the event were also Mr. Heshana Kuruppu, President of CA Sri Lanka; Mr. Tishan Subasinghe, Vice President of CA Sri Lanka; Mr. Asoka Piyadigama, Chief Executive Officer of CA Sri Lanka; and Ms. Lakmali Priyangika, Chief Operating Officer of CA Sri Lanka.

The forum was the first initiative of the newly established PAECC, chaired by Mr. Herath. The committee aims to serve as a proactive and influential advocate for the accounting profession and the broader public interest in Sri Lanka. Through rigorous research, stakeholder engagement, and strategic advocacy, the committee will work to address policy matters affecting the profession, businesses, and society at large. By promoting transparency, accountability, and sustainable economic growth, PAECC also aims to enhance the integrity and effectiveness of the profession while contributing to the advancement of the nation’s economic well-being apart from continuing to play the public interest role entrusted to the profession.

Mr. Heshana Kuruppu, and Mr. Tishan Subasinghe with by Mr. Suresh Shah, Dr. Indrajit Coomaraswamy and Mr. Arjuna Herath

(From L to R) Mr. Arjuna Herath, Mr. Suresh Shah, Mr. Reyaz Mihular, and Dr. Indrajit Coomaraswamy

Mr. Heshana Kuruppu presenting a token to Mr. Reyaz Mihular

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