IFRS has many challenges but is critical for progress

By Azhar Razak
Although Sri Lanka’s national accountancy body, Institute of Chartered Accountants of Sri Lanka (ICASL), is planning to harmonise Sri Lanka Accounting Standards (SLAS) in line with International Financial Accounting Standards (IFRS) beginning 2012, a local tax expert opines otherwise.

Special city council for proposed ‘Port City’

A special city council is to be set up to manage the proposed port city project in the Galle Face undertaken by the Sri Lanka Ports Authority.
Delivering the Sujatha Jaywardena memorial oration last week, Defence Secretary Gotabhaya Rajapaksa who has been given the responsibility to develop the Colombo city said that as this 400 acre reclaimed land would need a separate authority to look into the matters special to it.

Elephant House plans to introduce new Cola drink

By Indika Sakalasooriya
Sri Lankan fizzy drinks market is to get another local cola brand with one of Sri Lanka’s leading beverage producers, Ceylon Cold Stores, a subsidiary company of listed John Keells Holdings, planning to introduce one shortly, The Bottom Line learns.
Elephant House, as the company is popularly known among the public, is currently in the process of re-launching its beverage portfolio with a massive island wide promotional campaign.

Colombo City Centre set for major revamp

By Indika Sakalasooriya
 
The historic Colombo City Centre, which had long been a ‘no entry region’ since it was located in a high security zone in the Fort area, is to be developed into a bustling tourist attraction, dotted with restaurants, luxury hotels and other recreational centers, a top government official said.
Defence Secretary and Urban Development Authority Chairman Gotabhaya Rajapaksa said at a recent function that the Colombo Fort area is to be rationalised under the Colombo City Development Prgramme.