Annual Report 2010 - Ministry of Finance and Planning

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Ministry of Finance and Planning Sri Lanka > Annual Report 2010Statement of Accounting PoliciesReporting EntityThese Financial Statements are of the Governmentof the Democratic Socialist Republic of Sri Lanka andencompass the Reporting Entity of the Central Governmentcomprised of Government Ministries, Departments, SpecialSpending Units and District Secretariats/ Kachcheris.Public Enterprises which comprised of Commercial PublicCorporations, State Owned Enterprises and StatutoryBoards, and Provincial Councils are not covered in thesestatements. However, cash outflows to those entities takenplace during the reporting year and the Government’s totalinterest in the Commercial Public Corporations and StateOwned Enterprises held in the form of capital contributionand loans granted are accounted in these FinancialStatements.Basis of PreparationThese Financial Statements are prepared under historiccost convention in conformity with Generally AcceptedAccounting Principles and guided by the Sri LankaAccounting Standards and the International Public SectorAccounting Standards. Historical cost is applied as themeasurement base. The cash based accounting is adoptedunless otherwise stated.Reporting PeriodThe reporting period of these Financial Statements is theyear ended 31st December, 2010.Basis of ConsolidationExpenditure incurred and revenue collected by respectiveMinistries & Departments in the form of financial assets,liabilities, revenues and expenses are consolidated usingthe same classification codes used for accounting thoserevenues and expenditures.RevenueThe Central Government provides many products, servicesand benefits that do not generate revenue, to the generalpublic. The revenue is raised by way of taxes, fees andcharges imposed under various statutes approved by theParliament to finance the expenditure incurred in provisionof such products, services and benefits.All such revenue collected through the relevant Ministries& Departments are identified and accounted at the time ofcollection.Investment Income is accounted for the periodduring which such income is actually collected.Premiums and DiscountsPremiums and discounts on the issue of a debt instrument aretreated as an adjustment against the cost of borrowings.GainsGains arising from the sale of assets are accounted duringthe period in which the transaction occurs. Foreignexchange gains realized on monetary assets and liabilitiesare duly accounted in the Statements of Financial Positionas at the end of the Reporting Period.ExpensesAll expenses are accounted in the period in which it isincurred.Foreign Currency TransactionsTransactions in Foreign currencies are converted intoSri Lanka Rupee using the exchange rate prevailed onthe date of transaction. Exchange differences arising atthe point of settlement of these transactions are dulyaccounted and presented in the Statement of FinancialPerformance.InvestmentValue of the Government’s equity investments in StateOwned Enterprises is recorded at cost and shownseparately in the financial statements. However, investmentsin Statutory Boards are not uniquely identified anddisclosed since such entities operate like other GovernmentDepartments relying on the Central Government for theirrecurrent and capital expenditure requirements.BorrowingsIn the Statement of Financial Position, all local borrowingsare recorded at cost. Since foreign borrowings are subjectto variations in exchange rates such foreign monetaryliabilities are converted in to Sri Lankan Rupees on theexchange rate prevailed at the end of the Reporting Period.Employee EntitlementsEmployee entitlements to salaries and wages, annual leave,pre-retirement leave and other similar benefits are recordedwhen they actually accrue to or utilized by the employees.Retired Government employee entitlements for theirpension payments are also recorded on the same basis.313
7 | FINANCIAL STATEMENTSStatement of Accounting PoliciesContingent LiabilitiesContingent liabilities are recorded in the Statement ofContingent Liabilities at which point the contingency isevident.ComparativesTo ensure consistency with the current period andclassification method adopted in making a fair presentationof financial information, comparative figures have beenrestated where appropriate.Compilation of Government FinanceStatisticsThe Budget Outturn presented in Economic Classificationunder Government Finance Statistics (GFS) varies from theinformation presented in these Financial Statements due tothe different classification methods adopted for economicanalysis.Bank OverdraftThe Bank Overdraft is comprised of all favorable andunfavorable cash book balances in the name of the DeputySecretary to the Treasury, sum of unsettled imprestbalances of Ministries and Departments which is treatedas cash in transit and converted Rupee value of all foreigncurrency bank accounts as at the balance sheet date.314
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Heads ofDepartments under thePurvie
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ContentsChapter 1 Development Persp
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Chapter 5 Foreign Financing 243Over
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Ministry of Finance and Planning Sr
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SRI LANKA AT A GLANCE - 2005 & 2010
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BRIEFINGSBriefings“Much remains t
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1 | DEVELOPMENT PERSPECTIVESEconomi
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1 | DEVELOPMENT PERSPECTIVESBox 1.1
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1 | DEVELOPMENT PERSPECTIVESEnding
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03REFORM INITIATIVES173
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Financial StatementsHead-wise Summa
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Financial statementsHead-wise Summa
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Annual Report 2010 - Ministry of Finance and Planning

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