Students' Newsletter - 2013 - The Association of Accounting ...

Students' Newsletter - 2013 - The Association of Accounting ...

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

greater force.

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

& success.

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

build self-confidence.

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

to students

ta'ta'à' idud‚l;ajh i|yd 4 mqyqKqj

jHdmdr ikaksfõokh I 6

ljrfha l;dj 9

úNd. w;aje, 11

Dimensions of Adopting 17


,shdm†xÑ fm!oa.,sl 19

wOHdmk uOHia:dk

AATSL wu;kak

m%Odk ldr®hd,h- kdrdfyakamsg

≥rl:k( 011-2559669" 011-2595857" 011-2552662

µelaia( 011-2559299

B fï,a(

fjí wvúh(

f;dr;=re uOHia:dkh - l=reKE.,

≥rl:k( 037-2221600


f;dr;=re uOHia:dkh - ud;r

≥rl:k( 041-3002000

B fï,a(

f;dr;=re uOHia:dkh - yïnkaf;dg

≥rl:k( 047-2220940

µelaia( 047-2220448

B fï,a(

aho;g;ghzk; jfty; epiyak;

njhiyNgrp ,yf;fk;: 021-3734500

Important Instructions

to students

In all correspondence with the AATSL (Institute), the Student Registration

number should be quoted. Possession of the Student Identity Card is a must for

all registered students or sit should be brought whenever you visit the institute

and at Examinations. The ID should also be sent with the renewal voucher when

the annual renewal is done and returned with a letter when the details appearing

in the Student ID are to be amended.

A registered student should inform the Registration Division of the institute in

writing the change of address or any other personal information along with the

Student ID wherever applicable.

All registered students should renew their studentship for the forthcoming year

until they complete the AAT Final exam, normally before 31st December of each

year for the forthcoming year. Current renewal fee is Rs. 1,000 /=. Late renewals

are subject to a penalty of Rs. 300/=.

The institute does not refund registration fees/ exemption fees/ renewal fee or

permit the transfer of such fees under any circumstances.

Students are strictly advised to use the pay- in –slips attached to the Registration/

Exemption Application for making the payment for Exemption. Pay-in- slips other

than those attached to the particular application will not be accepted.

Closing dates for applying for exemption / renewal should be adhered to by all

the students. Students are requested to update themselves with the revision of

fee structure & other important information from time to time.

Hurry - Renew your

studentship for 2012/2013

In view of its 25th anniversary of AATSL, the Governing Council has approved

a special concessionary scheme for the students those who have not renewed

their studentship in time in order to continue their studentship with AATSL.

Exemption From AAT Examinations

Before applying for the Final Examination of AAT please make sure that you

apply for the exemptions you wish to obtain from AAT Examinations based on

your eligibility as per the prescribed qualifications. (Foundation and Intermediate


For any clarification regarding student registration, renewal or exemption please feel free to contact us on 011-2559669

AAT Sri Lanka


ta'ta'à' idud‚l;ajh

,nd.ekSu i|yd mqyqKqj

,nd.kafka flfiAo@


YS% ,xld .KldêlrK Ys,amSh wdh;kh u.ska mj;ajk

wjidk úNd.h" jHdmdr ikaksfõokh II ^bx.S%is& úIh o

iu. ^2010 g miqj kï& iu;aùug wu;rj" wdh;kfha

idud‚l;ajh i|yd iq≥iqlï ,nd.ekSug wju jYfhka

jir foll mqyqKqjla ^.sKqïlrKh $ ú.Kkh

$ n≥lrKh hk wxY j,ska& ,nd.; hq;=h' ta i|yd isiqkag

újD;j we;s udr®. folls' tajd ^w& iy ^wd& jYfhka my;

wdldrfhka úia;rd;aulj olajd we;'

^w& mqyqKq .súiqula hgf;a (

(Under Practical Training Agreement)

YS% ,xld jr,;a .KldêlrK wdh;kfha mdGud,d

yeoE¯ug wfmalaId lrk isiqkag fuu l%uh ksr®foaY

flfr®' fuys° Tjqkag CAB II úNd.fha

mqyqKqfjka jirl ksoyiaùu ,nd.; yel'

mqyqKqùfï ia:dk ( YS% ,xld jr,;a .KldêlrK

wdh;kh wkqu; l< wdh;k iy ú.Kk iud.ï'

wëlaIK idud‚lhd( YS% ,xld jr,;a

.KldêlrK wdh;kfha idud‚lfhl= úh hq;=h'

kshu lrk ,o mqyqKqùfï ld,h ( jir folls' mqyqKqj" wju jYfhka" jirlg jev lrk †k

220 la wjYH fjhs' ^.súiqu w;aika ls¯fï †kg fmr

†k isg& Wm˙u jYfhka udi ;=kl ld,hla we;=

Awards ceremony

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

Gold Award

Devi Balika Vidyalaya , Colombo 08

Silver Award

Royal College , Colombo 07

Bronze Award

Pushpadana Girls’ College , Kandy

The Best Presented

Financial Statements


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

l=i,;d ;Hd.,dNSka

mokï woshr

m%:u ia:dkh ã' tia' f,dl=legf.dv - fld

ta' ta' à' YsIHdjlf.ka'''

jHdmdr ikaksfõokh I

ta' ta' à' mokï úNd.fha jHdmdr ikaksfõokh I úIh

iu;a ùug wmyiq" ixlSr®K úIhla f,ihs we;eï isiqka

i|yka lrkafka' i;H jYfhka .;al,' th m%dfhdackj;a

ir, úIhla jk w;r" fuys° idlõPdjg fhduq jkafka

tys m%Odk ud;Dld lsysmhla mu”'

jHdmdr ikaksfõokh hkq(

Wikipedia wr®: olajk wdldrhg §jHdmdr

ikaksfõokh hkq jHdmdrhla úiska wNHka;rj fyda

ndysrj f;dr;=re heùug" ,eîug" f;areï .ekSug yd

yqjudre lr .ekSug úúO l%u fhdod .ekSuhs'

fuu úúO l%u m%Odk fldgia folls'

1' wNHka;r ikaksfõokh

jHdmdr wdh;khla ;=, úúO mdr®Yaj w;r f;dr;=re

yqjudre lr .ekSu wNHka;r ikaksfõokhhs'

úúO wNHka;r ikaksfõok l%u(

pl% f,aLk

oekaùï mqjre

ixfoaY (Memo)



bkagr®fldï (Intercom)


wNHka;rcd,h (Intranet)

2' ndysr ikaksfõokh

jHdmdr wdh;khla ndysr mdr®Yaj iu. f;dr;=re

yqjudre lr .ekSu ndysr ikakfõokhhs'

úúO ndysr ikaksfõok l%u(


úoHq;a ;emE, (Email)

ú¥,s mqj;a



oekaùï mqjre

by; oelafjk úúO wNHka;r yd ndysr ikaksfõok l%u

w;=frka jHdmdr ikaksfõok úIh m:fha we;=,;a my;

lreKq fuys° idlõPdjg ,la lruq'

1) jHdmdr ixfoaY $ fufuda m;% (Memo)

jHdmd˙l lghq;= j,oS wdh;khl ks,Od˙fhl= ;j;a

mdr®Yajhlg iqúfYaI flá mKsúvhla ,sÅ;j oekqï oSu

ioyd Ndú; lrk ikaksfõok l%uhhs'


iu.s wdh;kfha m%Odk úOdhl ks,Od¯;=ud úiska uQ,H


jHdmdr ikaksfõokh I

3- úoHq;a;emE, (E mail):

wka;r®cd,h Ndú; lrñka m˙.Klhla u.ska ;j;a

m˙.Klhg fm!oa.,sl;ajh yd ryiHNdjh wdrlaId

jk m˙os mKsúvhla heùfï l%shdj,sh úoHq;a ;emE,

f,i yeoskafõ'

fõ.j;a nj" wvq mṡ jeh" ryiH nj" PdhdrEm" Y%jH

oDYH jevigyka iïfm%aIKh ls¯fï yelshdj jeks

fya;+ka u; úoHq;a ;emE, fndfyda jHdmdr ;=< b;d

nyq,j Ndú; jk ikaksfõok l%uhls'

4- *elaia mKsjqv (Fax):

idudkH ≥rl:k moaO;shla u.ska ,sms yd Ñ;%

(Text and Graphics) wvx.= ,shú,s laIKslj

heùug yelshdj we;s úoHq;a WmlrKhls' fuh ≥ria:

ia:dk folla w;r is≥jk fõ.j;a cdhd msgm;a lsrSula

f,i o yeoskaúh yelsh'

5- kHdh m;%h (Agenda):

/iaùula meje;a ùug fmr tysoS idlõcdjg .kq ,nk

whs;suhka olajñka ilia lrkq ,nk f,aLkh kHdh

m;%h f,i ye|skafõ' /iaùu meje;afjk †kh" fõ,dj

yd ia:dkh o iu˘ kHdh m;%h idudkHfhka hjkq ,efí'


iSudiys; ABC fm!oa.,sl iud.fï jdr®Isl uyd iNd

/iaùu ms

Passed Finalist

Award Ceremony

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


Special Guests

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 fmnrjd˙

ui 05 jk †k ta'ta'à' wdh;kfha Y%jKd.drfha ° meje;aú◊' tu W;aijfha úfYaI wjia:djka


fiYdks ta'ta'à' úNd. i|yd ±lajQ oÈ;djhka

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


úNd. w;aje,

≥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

ghlg;gug;Gf;fis Ma;T nra;tjd; %yk;

vjpu;fhyj;jpy; ,yq;iff; fzf;fPl;Lj;

njhopy; El;gtpayhsu; fofj;jpd; Nju;Tfspd;

khztu;fspd; Nju;r;rp kl;lq;fis mjpfupg;gij

Nehf;fkhff; nfhz;Ls;sJ. NkYk;> xt;nthU

ghlj;jpw;Fkhd guPl;irfu;;fspd; fUj;Jf;fs;

,f; fl;Liuia cUthf;Ftjpy; ftdj;jpy;

nfhs;sg;gLfpd;wd. ,jd; %yk; khztu;fs;

Fiwthf jpwikia ntspg;gLj;Jk;

ghlg;gug;Gf;fis tpupTiuahsu;fSf;F

Nfhbl;Lf; fhl;LtJk;; mjd; %yk;

khztu;fSf;F ,dq;fhl;LtJk; f.njh.f. ,d;



,e;jf; fl;Liuapd; mtjhdpg;Gf;fs; f.njh.f

My; 2013 [dtup khjk; Nju;tpd; ngWNgWfs;

njhlu;ghf Nkw;nfhs;sg;gl;l Ma;itAk; ,j;

Nju;T njhlu;gpy; guPl;ru;fshy; ciuf;fg;gl;l

fUj;Jf;fisAk; mbg;gilahff; nfhz;lJ.

,e;jg; gFg;gha;T f.njh.f Nju;tpd;

xt;nthU epiyapYk; khztu;fs; Fiwthf

jpwikia ntspg;gLj;jpa ghlg;gug;Gf;fis

Nfhbl;Lf;fhl;LtijAk;; khztu;fs;

tpidj;jpwdhf kjpg;ngz;fisg; ngWtjw;F

filg;gpbf;f Ntz;ba nghJthd newpfisAk;

Kjd;ik cs;slf;fkhff; nfhz;Ls;sJ>

Muk;g epiy

tzpff;; fy;tp vy;yhg; ghlq;fspYk; Fiwthf jpwik

ntspg;gLj;jg;gl;l ghlkhff; fhzg;gLfpwJ. ,g;ghlj;jpy; Fiwthf

jpwik ntspg;gLj;jg;gl;l gFjpfs; gpd;tUkhW.


Nguk;Ngrj;jf;f rhjdq;fSk;/ fUtpfSk; mtw;wpd; ,ay;GfSk;.

tq;fp kw;Wk; epjp epWtdq;fs; - tq;fpf;Fk; epjp epWtdq;fSf;Fk;

,ilahd NtWghLfs;> tq;fpfspilapyhd miog;Gg;

gzr;re;ijapd; Kf;fpaj;Jtk;.

tzpf epWtdq;fSf;F JizGupaf;$ba tu;j;jf

mikg;Gf;fspd; njhopw;ghLfSk; NritfSk; kw;Wk; mjd; %yk;

mq;fj;jtu;fSF;F fpilf;Fk; ed;ikfs;.

ehzakhw;W tPjj;jpd; jhf;fq;fs; - mz;ikf;fhyj;jpy;

,yq;ifapd; ehzakhw;W tPjk; Nja;tile;jikf;fhd

(Depreciation) fhuzq;fs;> kw;Wk; kpjf;Fk; ehzaakhw;W

tPjj;jpd; ed;ikfs;.

gz;zhl;L epjp kw;Wk; tu;j;jf epWtdq;fspd; njhopw;ghLfs;

(c+k;) cyf tu;j;jf epWtdk;> gz;zhl;L ehza epjpak;;

gz;zhl;L tu;j;jfj;Jld; njhlu;Ggl;l vz;zf;fUf;fs; ,wf;Fkjp

kw;Wk; Vw;WkjpAld; njhlu;Gila vz;zf;fUf;fs;.


,ilepiyapy; cs;s ghlq;fs; ftdj;jpy; nfhs;sg;gl;L mtw;wpy;

Fiwthf jpwik ntspg;gLj;jg;gl;l ghlq;fspy; Fiwthf khztu;fs;

tpilaspj;j gFjpfs; gFg;gha;T nra;ag;gl;L fPNo jug;gl;Ls;sd.


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>

ju;f;fuPjpapy; ntspg;gLj;jTk; jPu;khdq;fSf;fhd rupahd

fhuzq;fis toq;fTk;. VyNt Nkw;nfhs;sg;gl;l jPu;g;Gf;fis

cjhuzk; fhl;lTk; gapw;rp nra;a Ntz;Lk;.

njhopw;Jiw/ Copar;rl;lq;fspd; Vw;ghLfs;

- $l;L xg;ge;jj;jpd; rl;lj;jhf;fq;fs;

- epahakw;w Ntiytpyf;fpd; NghJ Ntiy nra;gtUf;F

fhzg;gLk; jPu;Tfs;

tzpff; fzpjKk; Gs;sptpgutpaYk;

mbg;gilf; fzpjj;jpd; gad;ghLfs;

- tpfpjq;fs;> tPjq;fs; kw;Wk; gpd;dq;fs;

- $l;ly; tpUj;jp

- ngUf;fy; tpUj;jp

gpw;nryT - rpjwy; tisap

juT Ma;T kw;wk; ml;ltizg;gLj;jy; - tisAU tisak;>

fhyiz tiuG

fpuak;> tUkhdk; kw;Wk; ,yhgj; njhopw;ghL> ,yhgel;lkw;w

Gs;spaha;T kw;Wk; tiugpy; fhl;ly;

epjpf; fzpjk;

- vjpu;fhy kw;Wk; ,w;iwg; ngWkjp

- $l;L tl;b kw;Wk; fopT tpjk;

Rl;nlz;izf; fzpg;gply;

epfo;jfitg; gad;gLj;jy;

Ez;fzpjk; - njhifaPLk; tifaPLk; mtw;wpd; nghUspay;


,Wjp epiy

Kfhikf;fzf;fPL> tzpfepjp> fzf;fha;T> tzpfj;njhlu;ghly; II>

Mfpa ghlq;fs; Fiwthf jpwik ntspg;gLj;jg;gl;l ghlq;fshFk;.

,tw;Ws; Fiwthf jpwik ntspg;gLj;jg;gl;l ghlg;gug;Gf;fs;


Kfhik fzf;fPLk;> tzpfepjpAk;

vy;iyf;fpuatpaiyg; gad;gLj;jp ,yhg ,zf;ff;$w;W jahupj;jy;

nray;Kiw fpuak;

- 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

nfhz;L NtWg;gLj;jy;.

Kuz; Ma;T

ghjply; - nefpo;Tg;ghjPL

FWq;fhy jPu;khdk; vLf;Fk; El;gq;fs;

- fpua> msT> ,yhg Ma;T (CVP)

- tiuaWf;fg;gl;l fhuzp

- nfhs;tdT nra;tjh cUthf;Ftjh vd;w jPu;khdk;


- cupikahz;ikf;fpuak;

- fld; fpuak;

- epiwaspf;fg;gl;l ruhrup %yjdf;fpuak; (WACC)

Ntiy ntw;wplj;jpw;fhd tpsk;guk; xd;iw cUthf;fy;.

tiuGfis tpahf;fpahdk; nra;jy; - khztu;fs;; Kjypy;

tiuGfspd; Kf;fpag;gFjpfis mtjhdpg;gJk; gpd; tpil vOjj;

njhlq;FtJk; ,d;wpaikahjjhFk;.

miog;gpjo; xd;iw cUthf;fy;.

fl;Liu vOJjy;

- mwpKfk;

- cs;slf;fk; (xOq;fikg;G> rupahd Kd;dpiyg;gLj;jy;

(Logical Presentation))

- KbTiu

rupahd nkhopg;gad;ghLk; ,yf;fzg;gad;ghLk;


AAT Sri Lanka



fzf;fha;Tf;Nfhu; mwpKfk;

- fzf;fha;tpd; Jiz Nehf;fq;fs;

- epjpf;$w;Wf;fs; njhlu;gpy; fzf;fha;thsupd; nghWg;Gf;fs;.

- 1995 Mk; Mz;L 15 Mk; vz; ,yq;if fzf;fPl;L kw;wk;

fzf;fha;T epakr;rl;lj;jpd; Ntz;LNfhs;fs;.

- f.njh.f cWg;gpdUf;fhd tpOkpaf;Nfhl;ghLfs;.

fzf;fha;Tj;jpl;lKk; Nkw;ghu;itAk;.

- epjpf;$w;Wf;fis fzf;fha;T nra;tij jpl;lkply; (,.fM.ep -


- epWtdj;ijAk; mjd; #oiyAk; Gupe;Jnfhs;sYk;

gpwo;$w;Wf;fs; fhzg;gLtjw;fhd ,liu kjpg;gplYk;. (,.fM.ep


- epjpf;$w;wf;fspd; tuyhw;Wj; jfty;fis fzf;fha;T

nra;tjw;fhd juf;fl;LghL (,.fM.ep 220)

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tpilaspf;Fk; NghJ tpdhit ftdkhf thrpj;J Nfl;fg;gLk;

tplaq;fis Mokhf Gupe;Jnfhs;sNtz;Lk;. $Ljyhd

re;ju;g;gq;fspy; khztu;fs; tplaspf;fj;Njitahd Kf;fpajhd

tplaq;fis Nfs;tpapypUe;Nj ngw;Wf;nfhs;sf;$bajhf ,Uf;Fk;.

tzpff;fzpjj;jpy; fle;j fhy tpdhj;jhs;fis mjpfk;

gapw;rpnra;aTk;. rpwg;ghf ,t;tpdhf;fSf;F tpilaspf;Fk; NghJ

khztu;fs; gpd;tUk; tplaq;fspy; ftdk; nrYj;j Ntz;Lk;.

- fzpg;gPL ($l;ly;> fopj;jy;> ngUf;fy;> tFj;jy;)

- Neu;> kiwf;FwpaPLfs;

- rkd;ghLfs;

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eilKiwfis gpd;gw;Wtjw;Fk; khztu;fs; xt;nthU

ghlj;jpYk; guPl;rfupd; fUj;Jf;fis thrpj;J tpsq;fpf;nfhs;sy;

,d;wpaikahjJ. guPl;rfupd; fUj;Jf;fis fPo; fz;l

tiyj;jsj;jpypUe;J gjptpwf;fk; nra;ayhk;.

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.

Foundation Level

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.

Business Studies

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.

Intermediate Level

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.

Business Law

Contents of Contract Law- (Terms/ Conditions/ Warranties/

Innominate Terms).

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.

Business Mathematics

Application of Basic Mathematics:

- Ratios, Percentages and Proportions

- Matrices

- 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.

Financial Mathematics:

- Future & Present Value

- Compounding & Discounting Interest Rates

Calculation of Index Numbers.

Application of Probability Theory.

Calculus- Integration & Differentiation and economic


Final Level

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.

Process 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

(SLAuS 300)

- Understanding the entity and its environment and

assessing the risk of material misstatement

(SLAus 315)

- 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

(SLAus 330)

- Audit Materiality (SLAus 320)

- Considering the work of an internal auditor

(SLAuS 610)

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.

Audit Report:

- 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

start writing.

Preparation of an Invitation.

Writing an Essay:

- Introduction

- Content (Organization & logical presentation of ideas)

- Conclusion

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

start writing.

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

is used.

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

made mandatory.

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

long period.

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

of accounts.

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

bulk amount.

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


Buddhi Pathiraja - BDO Partners


The detailed formats of financial statements composed author based on SLFRS/

LKAS now can be downloaded from the official website & AATSL.

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.

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