Message from the Chairman
Education & Training Committee
AAT Sri Lanka
In 1997 Tom Peters wrote, "We are CEOs
of our own companies: Me Inc. To be in
business today, our most important job is
to be head marketer for the brand called
It is with great pleasure that I pen down
these words – I hope my thoughts will
help the budding accountants to face the
challenges of the corporate world with
It was a few decades ago that we realized
that the world was fast growing into a
large, global village. This meant that all
countries had to compete hard to hold
their ground in the business world. Sadly, it
is true even for people. In this challenging
world, we must be ready to promote &
market ourselves for our personal growth
Personal branding describes the process
by which individuals and entrepreneurs
differentiate themselves and stand
out from a crowd by identifying and
articulating their unique value proposition,
whether professional or personal, and
then leveraging it across platforms with a
consistent message and image to achieve
a specific goal. In this way, individuals
can enhance their recognition as experts
in their field, establish reputation and
credibility, advance their careers, and
As Peters rightfully mentioned, we are
responsible for who we are & what
perception we create in the minds of the
outsiders. It is up to us to be marketable
in the corporate world. Personal branding
begins with the establishment of core
competencies, expertise, demonstrated
abilities, and existing level of recognition.
Adding on to these thoughts, I would
like to share my experience with you.
I was very surprised at the hostility the
Sri Lankans received in a certain African
country where I was stationed a few years
ago. I realized that it was cumbersome and
unpleasant to work as well as live in such
an environment. Therefore, I took the first
step to break- through superficial barrier
which had been built through the years.
The final result – after all these years, the
colleagues who finally became the best of
friends, are in touch with me still. I am still
an important part of their work and social
circles and I am proud to say that I will
be able to obtain secure employment with
them any time in the future. That is my
branding – I made them understand that
I was proud to be Sri Lankan yet not too
proud not to respect them.
What really differentiates you from others
in your field? That is the million dollar
question I put forward to you. What makes
you stand out?
Do you stand out from amongst your
peers for all the wrong reasons? Are you a
part of the grape vine for all the infamous
acts of the company? Then you are on the
edge of losing your personal brand.
Paper qualifications are the minimum
requirements for you to be able to secure
the right employment as well as to
enhance your career further.
Your attitude towards the challenges in the
corporate world maybe a deciding factor
of your personal branding. Combating
the challenges as well as team work and
empowerment are key factors which will
help you place your mark in society with
your personal branding. A significant
point to remember when identifying the
necessity to brand your self is that … you
can’t copy. Each individual is different and
as a result, what attributes which helped
me may not necessarily help my friend.
On the other hand, what went wrong for
me may be the success factor for you.
Make a firm choice. Act upon it, from this
moment. What is your brand?
The sky is the limit for all those who make
a definite impact in the community and
make a NAME for themselves. Let it be
that people will not say you worked at
XYZ Company but, that XYZ Company
was represented by you.
Saman Siri Lal
Message from the 2
Important Instructions 3
ta'ta'à' idud‚l;ajh i|yd 4
jHdmdr ikaksfõokh I 6
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iu. ^2010 g miqj kï& iu;aùug wu;rj" wdh;kfha
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220 la wjYH fjhs' ^.súiqu w;aika ls¯fï †kg fmr
†k isg& Wm˙u jYfhka udi ;=kl ld,hla we;=
The Best Annual Report &
Accounts Competition of National Schools 2012
Organized by the Association of Accounting Technicians of Sri Lanka in collaboration with the Ministry of Education
The awards ceremony of the above
competition was successfully held on
27th October 2012 at the BMICH. Chief
Guest of this event was Hon. Bandula
Gunawardhana, Minister of Education
while Mr. Gotabhaya Jayarathne,
Secretary to the Ministry of Education was
the Guest of Honour. 185 national schools
had participated in this competition and
the winners were awarded with plaques,
brand new computers & certificates.
All Island Winners
Devi Balika Vidyalaya , Colombo 08
Royal College , Colombo 07
Pushpadana Girls’ College , Kandy
The Best Presented
Visakha Vidyalaya, Colombo 05
All island Gold, Silver & Bronze Award Winners with the Chief Guest, Guest of Honour & Members of the Governing Council - AATSL
YS% ,xld .KldêlrK Ys,amSh wdh;kfha -2013 ckjd˙ úNd.fha ;Hd.,dNSka
m%:u ia:dkh ã' tia' f,dl=legf.dv - fld
ta' ta' à' YsIHdjlf.ka'''
jHdmdr ikaksfõokh I
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jHdmdr ikaksfõokh hkq(
Wikipedia wr®: olajk wdldrhg §jHdmdr
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iSudiys; ABC fm!oa.,sl iud.fï jdr®Isl uyd iNd
Passed Finalists Award Ceremony for the July
2012 Examination was successfuly held on 31
October 2012 at the BMICH. Chief guest of
this ceremony was Mr. Sujeewa Rajapaksha
– President - CA Sri Lanka. Certificates
were awarded to 843 Passed Finalists at the
Lighting the Oil Lamp
Awarding a Certificate by the President - CASL
AAT Sri Lanka
Awarding a Certificate by the President - CASL
2012 w'fmd'i Wiia fm< úNd.fha jd◊c wxYfhkA †jhsfka m%:uhd jQ ta'ta'à' wdh;kfha ,shdm†xÑ
fiYdks .=K;s,l YsIHdj we.hSu i|yd ta'ta'à' wdh;kh úiska we.hSfï W;aijhla miq.sh fmnrjd˙
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2009 foieïnr® - w'fmd'i' ^id'fm& úNd.hg fmkS isàu'
2010 ckjd˙ - id'fm' m%;sM, tk;=re n,d fkdisg AAT úNd.h i|yd ,shdm†xÑ ùu'
2010 cQks - AAT mokï úNd.fha ishΩu úIhka b;d by
wfmdi Wiia fm< iu;a jd◊c wxYfha †jhsfka
≥r®j, ldr®h idOkhla ±lajQ úIh lreKq flfrys wjOdkh fhduqls¯u
2013 ckjd˙ úNd.fhaoS ≥r®j, ldr®h idOkhla oelajQ
úIh lreKq ms
AAT Sri Lanka
khztu;fs; Fiwthd jpwikia ntspg;gLj;jpa
ghlg;gFjpfis ftdj;jpy; nfhs;sy;
,f; fl;Liu 2013 [dtup Nju;tpy; khztu;fs;
Fiwthf jpwikfis ntspg;gLj;jpa
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khztu;fspd; Nju;r;rp kl;lq;fis mjpfupg;gij
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xg;ge;jr;rl;lj;jpd; cs;slf;fk; - (nrhy;yhly;/ epge;jid/
cj;juthjk;/ Innominate Terms)
NtWgl;l rl;lq;fspd; Vw;ghLfis eilKiw tplaq;fspy;
- xg;ge;jr;rl;lk; (Contract Law)
- nghUs; tpw;gid rl;lk; (Law of Sale of Goods)
,t;thwhd eilKiw tplaq;fSld; njhlu;Ggl;l Nfs;tpfSf;F
tpilaspf;Fk; khztu;fs; tplaq;fis (Facts) gFj;jwpthf>
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mbg;gilf; fzpjj;jpd; gad;ghLfs;
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- $l;ly; tpUj;jp
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- vjpu;fhy kw;Wk; ,w;iwg; ngWkjp
- $l;L tl;b kw;Wk; fopT tpjk;
Ez;fzpjk; - njhifaPLk; tifaPLk; mtw;wpd; nghUspay;
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- nray;Kiw fzf;F jahupj;jy;.
- ,opTg;ngWkjpf;fhd gjpT
AAT Sri Lanka
- mrhjhuz ,yhg/ el;lf;fzf;F
- $l;L cw;gj;jpapy; cw;gj;jp fpuaj;ij jug;gl;l mbg;gilia
ghjply; - nefpo;Tg;ghjPL
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- fpua> msT> ,yhg Ma;T (CVP)
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- fld; fpuak;
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tiuGfis tpahf;fpahdk; nra;jy; - khztu;fs;; Kjypy;
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rupahd nkhopg;gad;ghLk; ,yf;fzg;gad;ghLk;
AAT Sri Lanka
- fzf;fha;tpd; Jiz Nehf;fq;fs;
- epjpf;$w;Wf;fs; njhlu;gpy; fzf;fha;thsupd; nghWg;Gf;fs;.
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fzf;fha;thsupd; eilKiwfs;. (,.fM.ep 330)
- fzf;fha;tpy; nghUz;ik (,.fM.ep 320)
- mff;fzf;fha;thsupd; Ntiyiaf; ftdj;jpy; nfhs;sy;.
fzf;fha;it nraw;gLj;jYk; kPsha;T nra;jYk;
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jug;gl;l tpguzj;jpy; mff; fl;Lg;ghl;by; fhzg;gLk;
tzpfj;njhlu;ghly; - II
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Addressing Low Performed Subject Areas
This article focuses on improving the
performance of students at future
examinations to be conducted by AAT Sri
Lanka, based on the analysis conducted
on students’ low performed subject areas
pertaining to January 2013 examination.
Further, examiners’ comments on each
subject area have also been taken into
consideration in preparation of this article.
Expectation of AAT Sri Lanka is to highlight
these weak performed subject areas to
lecturers and through them to students
when delivering lectures, devoting
adequate effort and time in teaching those
Observations addressed in this article
are solely based on the analysis
conducted by AAT Sri Lanka to identify
students’ performance at January 2013
examination and the comments given by
marking examiners at their evaluation of
answer scripts of the same examination.
This analysis mainly consists of
highlighting each of the three levels in AAT
examinations and in conclusion general
instructions that students should adhere to
when answering question papers in order
to gain marks more effectively.
Among other subjects Business Studies was considered as
a low performed subject by students and the low performed
subject areas within it have been identified and are listed below.
Negotiable Instruments and their features.
Banking and Finance Companies- Importance of Inter
bank call money market & difference between a bank and
a finance company.
Functions and services of various Commercial Institutions
support to Business Organizations and advantages
available to members of same.
Impact of Foreign Exchange Rates- Reasons for recent
depreciation of foreign exchange rate in Sri Lanka and
advantages of a Flexible (Floating) Exchange Rate.
Functions of International Financial & Trading
Organizations- (WTO, IMF etc).
Concepts relating to International Trade.
Concepts relating to Import & Export.
Subjects covered at Intermediate Level have been considered
under this, and subjects in which students have performed
low have been categorized as weak subjects, and detailed
analysis carried out to identify weak areas within each of the
low performed subjects are as follows.
Contents of Contract Law- (Terms/ Conditions/ Warranties/
Application of provisions of different Laws to given practical
- Contract Law
- Law of sale of goods
Specially students should practice answering these kinds
of scenario based questions more in order to improve the
pattern of giving facts more logically, giving reasons for
the decision and referring to applicable cases decided.
Application of Basic Mathematics:
- Ratios, Percentages and Proportions
- Arithmetic Progression
- Geometric Progression
Application of Binomial Theorem.
Co-relation & Regression Analysis –Scatter Diagrams.
Data Analysis & Tabulation – Histogram & Orgives.
Cost, Revenue & Profit Functions and Break Even Point
Analysis and graphical presentation of the same.
- Future & Present Value
- Compounding & Discounting Interest Rates
Calculation of Index Numbers.
Application of Probability Theory.
Calculus- Integration & Differentiation and economic
Management Accounting & Business Finance, Auditing and
Business Communication II have been identified as low
performed subjects in this level and low performed subject
areas of these subjects are listed below.
Management Accounting & Business
Preparation of Profit Reconciliation using Marginal Costing.
- Preparation of Process Accounts
- Treatment of scrap items
- Preparation of Abnormal Loss/Gain Account
- Separation of production cost between joint products
on a given base
AAT Sri Lanka
AAT Sri Lanka
Perform Variance Analysis.
Budgeting - Flexible Budgets.
Short Term Decision Making Techniques:
- Cost-Volume-Profit (CVP) Analysis
- Limiting Factors
- Make-or- Buy Decision
Cost of Capital:
- Cost of Equity
- Cost of Debt
- Cost of WACC
Introduction to Auditing:
- Secondary Objectives of an audit
- Auditor’s Responsibility towards Financial
- Requirements of Sri Lanka Accounting & Auditing
Standards Act No: 15 of 1995
- Ethical principles for an AAT member
Audit planning & Supervision:
- Planning an audit of Financial Statements
- Understanding the entity and its environment and
assessing the risk of material misstatement
- Quality control for audits of historical financial
information (SLAus 220)
- Terms of audit engagement letter (SLAus 210)
- Auditor’s procedures in response to assessed risk
- Audit Materiality (SLAus 320)
- Considering the work of an internal auditor
Execution & Reviewing the audit:
- Audit Evidence (SLAuS 500)– Application of auditing
- Management Representation (SLAuS 580)
- Test of Controls & Substantive Procedures
Auditing in a Computer Information System Environment.
- Going Concern (SLAuS 570)
Identification of Internal Control Weaknesses in given
Business Communication II (English)
Use of vocabulary relevant to the fields of Accounting &
Auditing to construct sentences.
Deriving meaning of the verb phrases in context.
Writing an office memo – It is necessary for students to
identify various communication tools, objectives of writing
them and each format separately in order to write an
effective memo, report, business letter etc.
Preparation of an Advertisement for a job vacancy.
Interpretation of a chart- It is necessary for students first to
observe the important matters within the graph and then
Preparation of an Invitation.
Writing an Essay:
- Content (Organization & logical presentation of ideas)
Specially when answering a paper which tests the
language, student should use proper language and should
always try to use grammatically correct English.
General Instructions To Students
Students should be aware of current market trends and
economic conditions prevailing in the world.
Practise more scenario based questions related to
Business Law to improve the skills of answering to the
Students should read English newspapers and familiarize
with the formats of vacancy advertisements etc.
Where relevant workings should be made available with
the answer in order to facilitate marking process and to
gain more marks.
For questions which require explanations together with
the answer, it is necessary to identify the marks allotted
first, and accordingly compute the allotted time.(Eg: For
a three hour question paper with 100 marks, to gain 01
mark , maximum time that should be spent is 1.8 minutes.)
Students are required to structure the answer and then
If you have time left at the end of answering all questions
you can always go back to an answer of a question and
add more to your answer.
Do not write everything that you know about the topic
and answer to the point. – You will only get marks for
answering the requirements of the question.
When answering practical questions which require
application of auditing knowledge, students should
read the question carefully in order to understand the
requirements of the question clearly. In most of the
instances, student may be able to gather important points
related to the answer from the question itself.
Practise answering more questions on Business
Mathematics past papers. Specially when answering this
paper, students should be concerned more with
- performing computations (Additions, subtractions,
divisions and multiplications)
- positive and negative marks when performing simple
- writing formulas
- substituting figures for formulas
It is essential for all the students to read and understand
the examiners’ comments on each subject clearly in order
to avoid repeating same mistakes and to take corrective
Examiners’ comments can now be downloaded from the
official website of AAT Sri Lanka on following link;
Dimensions of Adopting SLFRS/LKAS
It is virtually impossible to establish accounting standards which
universally apply to all the complications an accountant may
encounter. Yet, the adoption of Sri Lanka Accounting Standards
( SLFRS /LKAS ) has been a changing point in the accounting
At the outset, the primary adoption of the new Standards was
made mandatory from the 01st of January, 2012. This date was
considered to be the date of transition.
The important areas which had been greatly affected with the
transition to the equivalent of international accounting standards
are as follows:
1. Property, Plant & Equipment
The new rulings clearly stated that, if an entity was
in the process of deriving economic benefits from a
fully depreciated asset, the value of that asset must be
accounted for in the books of accounts. This meant
that, the previous provision of depreciation had to be
written back if the original purchase date as well as
the purchase price were known.
In the event of identifying the cost of fully depreciated
assets, the initial purchase price and original purchase
date of which was not readily available, the option of
a one-time revaluation has been provided. This does
not entail a change in the identification of the basis of
measurement. The entity is allowed to continue with
either the cost or the revaluation model. This process
of accounting for the fully depreciated assets using a
valuation is referred to as “deemed cost”.
2. Intangible Assets
LKAS 38 was introduced to deal with the treatment
of intangible assets. This requires the separate
identification of trademarks, customized computer
software and trade licenses as separate assets.
An important aspect of intangible assets addressed in
the new standards was the identification of impairment
to any intangible assets which are included in Work-
In-Progress. This aspect was addressed with the aim
of complying with fair value in the books of accounts
in all material aspects.
3. Investment Property
In the event that an entity holds property to earn
rentals or for capital appreciation, or both, LKAS 40
requires such asset to be classified as Investment
An entity is allowed to use either the cost model or the
fair value model for disclosure purposes. Yet, Section
79 (e) requires the disclosure of the fair value of the
investment property in the event that the cost model
In an exceptional case, if an entity cannot determine
the fair value reliably, it shall disclose a description of
the investment property, an explanation for incapacity
to obtain the fair value and a closely reliable amount of
estimated fair value.
It was also recommended to reassess the residual
value of fixed assets. If there was an indication of
impairment, a write-off of the impaired amount was
In the same process, an annual review of the
depreciation method was to be conducted to be in
line with the new standards and disclose the actual
economic benefits enjoyed by the business entity over
its useful life.
Assets are to be depreciated over the useful life of the
various sub-components of large assets rather than
the entire asset as a whole. Therefore, identification of
component accounting has become mandatory.
4. Leasehold Land
A specialized area of focus along with the
implementation of the new standards was the
identification of leasehold right of land leased for a
The Sri Lanka Statement of Recommended Practice
(SoRP) for right to use of land on Lease addressed
the issues pertaining to capitalizing of the lease rental
payments as a Fixed Asset.
However, the SoRP curtailed any revaluation to be
done on or after the effective date of the SoRP.
AAT Sri Lanka
Dimensions of adopting SLFRS/LKAS
5. Impairment of Assets
The Standard on Impairment of Assets – LKAS 36
highlights the importance of active participation of
the management in order to compile a set of Financial
Statements which are fairly stated. The Standard
clearly rests the responsibility on the management
to identify any internal or external indications of
impairment of the assets.
In the event of an indication been present, it is
the responsibility of the management to take the
necessary steps to disclose the fair value in the books
6. Provision for Bad Debts
An impairment of the carrying value of the bad debts is
to be done based on an actual estimate of separately
identifiable debtors rather than a total provision of the
Any trade receivables that do not have a fixed or
determinable payment pattern, shall be subsequently
measured at fair value, whereever possible.
Trade receivables that do have a fixed or determinable
payment pattern are to be recorded fair value by
identifying the Present Value of the future payments.
The adoption of SLFRS has affected more than a company’s
accounting policies, processes, and people - the aspects of a
company’s business and operations are also greatly affected
due to necessity to comply with the requirements of the new
standards and the requirements of disclosure.
Disclosure to be made by the Management of the Risks related
to the business as well as the necessity to initiate a system of
capturing the Related Party Transactions, if not available, as
well as the requirements to actively ensure the accuracy of fair
values shown has laid a considerable amount of responsibility
on the Management.
It is vital that the Application Guide be referred to identify and
understand the practical use of the newly adopted standards.
SLFRS conversion may affect all levels of accounting as well
as several areas of business outside the accounting function.
The scope and complexity involved in the actual transition
process must never be addressed lightly. The new standards
have an overall impact on the following areas of Accounting:
• Changes in Presentation
• New valuation rules
• Additional disclosure requirements
The foundation of an entity's accounting process will need to go
through a rigorous re-structuring process. But, it is important to
note that it is not only the Accounting Software Systems or the
Accounting Methods that need to be tailor made according to
the new conversion, but also the mind set of the staff.
It is important for all accounting personnel to be clear of the
requirements in order to achieve a smooth transition from SLAS
to SLFRS /LKAS.
Buddhi Pathiraja - BDO Partners
SAT(SL), ACCA(UK), MABE(UK), BSc(UK), LTCL(UK),AWWA(SL)
The detailed formats of financial statements composed author based on SLFRS/
LKAS now can be downloaded from the official website & AATSL. www.aatsl.lk
If you require the same by post, please contact Education & Training Division on
0112559669 with your postal address.
AAT Sri Lanka
mQr®K ,shdm†xÑh i|yd b,aÆï lr we;s
fm!oa.,sl wOHdmk uOHia:dk
# Name of PEC Address Telephone No.
1 ABM Mahiyanganaya. 0115241820 / 0714209638
2 Accounting Advancement Borelesgamuwa. 0112769810 / 0712220822
3 ACS Kilinochchi. 0212285676 / 0776757870
4 Advanced Accounting Wellampitiya. 0112534246 / 0712531009
5 Aquinas College Colombo 08. 0773642842 / 0117313666
6 BEST Angoda. 0115615442 / 0773516559
7 Ceylinco Success Anuradhapura. 0252236598 / 0718281470
8 Genius Piliyandala. 0113130052 / 0772515055
9 Ghanapradeepa Mawathagama. 0372298245 / 0714562233
10 IF Professionals Batticaloa. 0652241570 / 071829246
11 JBA Kegalle. 0353351718 / 0776092211
12 KBBS Dehiwala. 0112717902 / 0112722204
13 PMC Ampara. 0718007965 / 0632223469
14 Professional Creation Kaluthara. 0342229051 / 0775229634
15 Royyal Teach Vavuniya. 0778850250 / 0778106225
16 RPG Kotte. 0777381178 / 0112768487
17 Sarasavi Dehiattakandiya. 0713734093 / 0721765414
18 SIPLA Kandy. 0773521315
19 Sisula Mathugama. 0718126768 / 0343441132
20 Success College Trncomalee. 0262226206 / 0776448858
AAT Sri Lanka
ta'ta'à' úNd.h i|yd mx;s mj;ajk ,shdm†xÑ
fm!oa.,sl wOHdmk uOHia:dk (Registered Private Education Centres)
# Name of PEC Address Telephone No.
1 Accteem Batticaloa. 0652223935 / 0776652942
2 ACA Colombo 13. 0112335187 / 0777308075
3 Advance Centre Negombo. 0313717574 / 0716606686
4 BHEI Panadura. 0382230549 / 0777753889
5 Dharul Hasanath Warakapola. 0352267380 / 0715193553
6 GA Colombo 13. 0779914260 / 0113134067
7 Global Higher Puttalam. 0325671156 / 0713064789
8 GTA Institute Matara. 0412225969 / 0776098556
9 HBS Batticaloa. 0653654199
10 IAS Colombo 06. 0112505483 / 0112591547
11 IBA Kandy. 0814976976 / 0814940461
12 IBS Kuliyapitiya. 0715187185 / 0718114588
13 IPM Peradeniya 0774134594 / 0776004571
14 IPS Kalmunai. 0774956269 / 0776590212
15 JCUD Jaffna. 0212223384 / 0212229149
16 JMC Anuradhapura. 0252234700 / 0714884622
17 JMC Kandy. 0815639765 / 0714884614
18 JMC Kurunegala. 0374932931 / 0714884619
19 JMC Matara. 0412235435 / 0714884636
20 JMC Negambo. 0314922125 / 0714884631
21 JMC Galle. 0915629764 / 0714114807
22 JMC Gampaha. 0332229122 / 0714115500
23 JMC Bandarawela. 0575669764 / 0714150399
24 JMC Rathnapura. 0452224510 / 0714884623
25 JMC Maharagama. 0115755605 / 0714115498
26 JMC Kaduwela. 0113156323 / 0714150405
27 JMC Kiribathgoda. 0333835951 / 0714884633
28 JMC Kalutara. 0342229051 / 0713364228
29 JMC Kegalle. 0355679764 / 0714150407
30 JMC Colombo 02. 0112430451 / 0714150400
31 JMC Colombo 03. 0115377912-6 / 0718683480
32 JMC Nittambuwa. 0332291031 / 0714150404
33 JMC Gampola. 0815639767 / 0714089953
34 JMC Kothmale. 0522259517 / 0714115505
35 JMC Pollonnaruwa. 0272226765 / 0712804500
36 Omin Business School Chilaw. 0776556790
37 Professional Studies Bandarawela. 0572225250 / 0716130268
38 Sipway Institute Maharagama. 0112842121 / 0773608504
39 SIPWIN Institute Kurunegala. 0372231010 / 0714463888
40 Sisumina Thissamaharamaya 0776118088 / 077678804
41 SMC Bandaragama. 0316843995 / 0382250631
42 Stargate Badulla. 0714209638
43 Sun British Vavuniya. 0242226649 / 0773466949
44 The First International Kandy. 0812205090 / 0718194894
45 VIHE Trincomalee. 0262227622 / 0777555738
46 Vishva Horana. 0342265269 / 0776005880
Publication of the Association of Accounting Technicians of Sri Lanka,
No. 540, Ven. Muruththettuwe Ananda Nahimi Mawatha, Narahenpita, Colombo 05.