The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» EAST WEST PROPERTIES PLC (EAST.N0000)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyToday at 11:51 am by yellow knife

» HASU.N0000 (HNB ASSURANCE PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyToday at 10:32 am by yellow knife

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyYesterday at 8:09 pm by PANTOMATH

» අසිරිමත් සුබ නව වසරකට ආසිරි !
Sri Lanka finance ministry accounts qualified by Auditor General EmptyYesterday at 6:33 pm by hammurabi

» Thread for News on CSE and SL Economy
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 16, 2019 6:52 pm by NIRMALSG

» Dividend Announcement
Sri Lanka finance ministry accounts qualified by Auditor General EmptySat Apr 13, 2019 10:53 pm by nihal123

» SEYLAN DEVELOPMENTS PLC (CSD.N0000)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 12, 2019 8:55 am by yellow knife

» East West properties
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 12, 2019 5:27 am by dhanurrox

» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 09, 2019 8:04 pm by NIRMALSG

» Thread for News on Local and Foreign Politics
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 09, 2019 11:25 am by Ethical Trader

» අනං මනං! #/+?.<>
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 08, 2019 7:23 pm by ruwan326

» DFCC.N0000 ( DFCC BANK PLC )
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 08, 2019 6:07 pm by NIRMALSG

» කිරි පිටි ගැන ඔබ මෙතෙක් නොදත් දේ
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 08, 2019 5:31 am by Ethical Trader

» CONN.N0000
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Apr 07, 2019 3:15 pm by NIRMALSG

» LION.N0000 (Lion Brewery Ceylon PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Apr 07, 2019 8:52 am by ruwan326

»  5000 Post Milestone - Congratulations
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 05, 2019 9:07 pm by Ethical Trader

» NTB.N0000 (NATIONS TRUST BANK PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 05, 2019 1:37 pm by Ethical Trader

» හීන්බන්ඩාගේ රැකියාව ඇසූ පසු පොලිස් නෝනලාට තරු පෙනුනා
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 05, 2019 12:36 pm by Ethical Trader

» Micro Finance
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 05, 2019 12:14 pm by yellow knife

» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Apr 05, 2019 7:40 am by serene

» COMB.N0000 ( COMMERCIAL BANK OF CEYLON PLC )
Sri Lanka finance ministry accounts qualified by Auditor General EmptyThu Apr 04, 2019 6:53 pm by NIRMALSG

» PLC.N0000 ( People's Leasing and Fiance PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyWed Apr 03, 2019 6:04 pm by NIRMALSG

» VPEL.N0000 (VALLIBEL POWER ERATHNA PLC )
Sri Lanka finance ministry accounts qualified by Auditor General EmptyWed Apr 03, 2019 3:40 pm by catseye

» SAMP.N0000 (SAMPATH BANK PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 02, 2019 12:38 pm by malanp

» Sinhala Cinema
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 02, 2019 12:31 pm by yellow knife

» SEYB.N0000 ( SEYLAN BANK PLC )
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 02, 2019 11:23 am by Backstage

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 02, 2019 11:15 am by LSE

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Apr 02, 2019 11:11 am by Backstage

» Plantation sector updates
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 01, 2019 2:13 pm by nihal123

» What to Analyse
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 01, 2019 8:00 am by yellow knife

» MTD WALKERS - KAPI
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Apr 01, 2019 5:01 am by NIRMALSG

» VONE.N0000 (VALLIBEL ONE PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Mar 31, 2019 6:09 pm by lanka

» In the Meantime, Within Our Shores !
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Mar 31, 2019 11:22 am by කිත්සිරි ද සිල්වා

» PB. N0000 (People's Bank)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Mar 29, 2019 5:33 pm by yellow knife

» Obituary Notice.
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Mar 29, 2019 5:07 pm by කිත්සිරි ද සිල්වා

» Happy Birthday
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Mar 29, 2019 9:58 am by Backstage

» Re: Financial reports Q1-2019
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Mar 29, 2019 7:45 am by serene

» Save Wilpattu !
Sri Lanka finance ministry accounts qualified by Auditor General EmptyThu Mar 28, 2019 1:58 pm by puliyanam

» Help him Today, so he can help another Tomorrow
Sri Lanka finance ministry accounts qualified by Auditor General EmptyThu Mar 28, 2019 7:49 am by serene

» HNB.N0000 ( Hatton National Bank PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Mar 26, 2019 6:18 am by pjrngroup

» අපිට විතරද පායන්නේ ?
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Mar 25, 2019 9:06 pm by malanp

» Tourism sector
Sri Lanka finance ministry accounts qualified by Auditor General EmptyMon Mar 25, 2019 5:47 pm by NIRMALSG

» Oman's Oil and Gas Minister Dr. Al Ruhmy arrives in Lanka.
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Mar 24, 2019 12:11 pm by Ethical Trader

» රෝගීන් වෙනුවෙන් කැප වන සෞඛ්‍ය සේවාවක් වෙනුවෙන්.....
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Mar 19, 2019 9:34 am by AjithR

» JEWS OF SRI LANKA: AN UNTOLD STORY
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Mar 19, 2019 9:22 am by කිත්සිරි ද සිල්වා

» How Small We are in the universe
Sri Lanka finance ministry accounts qualified by Auditor General EmptyTue Mar 19, 2019 7:29 am by nihal123

» ඉස්සරහට අපි පරදින එකනම් ෂුවර් – ධම්මික ක්‍රිකට් ගැන කතා කරයි
Sri Lanka finance ministry accounts qualified by Auditor General EmptyFri Mar 15, 2019 2:59 pm by nuwanmja

» HAYL.N0000 Hayleys PLC
Sri Lanka finance ministry accounts qualified by Auditor General EmptyThu Mar 14, 2019 2:46 pm by yellow knife

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Mar 10, 2019 8:36 pm by NIRMALSG

» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
Sri Lanka finance ministry accounts qualified by Auditor General EmptySun Mar 10, 2019 6:40 am by ruwan326

April 2019
SunMonTueWedThuFriSat
 123456
78910111213
14151617181920
21222324252627
282930    

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

Sri Lanka finance ministry accounts qualified by Auditor General

Go down

Sri Lanka finance ministry accounts qualified by Auditor General Empty Sri Lanka finance ministry accounts qualified by Auditor General

Post by The Invisible on Tue Jun 05, 2018 1:00 pm

ECONOMYNEXT - Sri Lanka's Auditor General has issued a qualified opinion on the 2017 accounts of the finance ministry pointing out remaining problems with debt classification, after completely disclaiming the numbers last year.

The accounts labelled 'financial statements of the republic' give a 'true and fair view' in 2017 except for the problems identified, the Auditor General who refused to give any opinion in 2016, said.

He pointed out that the accounts only related to the consolidated fund of the central government, excluding those of regional administrations and state enterprises and it was a misnomer to call them financial statement of the 'republic'.

Though the government's debt has been stated as 9,588 billion rupees, the AG said another 803 billion rupees of debt was not accounted for.

About 433 billion rupees of debt related to the difference between the face value and their net value. Though debt issued from 2016 onwards was accounted for by the face value, older debt still remained as a net value.

There has been a debate around how to account for long term bonds with a coupon, where part of the interest is represented as a deep discount on the capital, when market interest rates are higher than the coupon. When market rates a below the coupon, bonds are sold a premium to face value.

The auditor general said another 330.2 billion in debt relating to 8 loan agreements were also not in the accounts.

About 150 billion related to loans taken by the government to build Hambantota port. A cabinet decision on July 20, named 'Hambantota Port Relief Agreement' had made the Treasury responsible for settling the loan, but it had not yet been included.

On three loans related to a coal power station had been included and 14.3 billion rupees in payments had also not been accounted.

Another 40.2 billion rupees of foreign loans realized during the year relating to 65 loan agreements had not been included, the AG said.

The AG had also found that on-lending of 181.3 billion rupees for several state and private agencies had been understated by 7.49 billion rupees.

An amount of 4.9 billion rupees in 2015 and 2.5 billion rupees in 2016 granted on a recovery basis to the Ministry of National Policies and Economic Affairs to settle Gold Key depositors had not been included. There were also no agreements relating to the loans.

A value of 578.4 billion rupees listed as investment in state enterprises, 23.5 billion rupees given the Water Supply and Drainage Board appeared to be understated, the AG observed.

Another 53.1 billion rupees in liabilities were also understated. These included 7.3 billion rupees of loans taken from Hatton National Bank (3.4bn), Commercial Bank (1.9bn), People's Bank (980mn) and DFCC Bank (980mn) for the ministry of defence.

The department of pensions had got loans of 45.7 billion rupees from People's Bank (21.0bn), Bank of Ceylon (16.4bn) and National Savings Bank (8.2bn) which had not been included as debt.

The Sri Lanka has also failed to comply with rule on the fiscal management responsibility act on the budget deficit and debt to gross domestic ratio, the AG said. The debt to GDP ratio appeared to be 81 percent, he said without counting Treasury guarantees. (Colombo/June05/2018)

http://economynext.com/Sri_Lanka_finance_ministry_accounts_qualified_by_Auditor_General-3-10815-1.html
The Invisible
The Invisible

Posts : 878
Join date : 2016-11-28
Age : 39

Back to top Go down

Sri Lanka finance ministry accounts qualified by Auditor General Empty Re: Sri Lanka finance ministry accounts qualified by Auditor General

Post by Ethical Trader on Tue Jun 05, 2018 1:28 pm

Thanks Invisible. This may be the reason why much needed Audit Act was delayed.
Ethical Trader
Ethical Trader
Top contributor
Top contributor

Posts : 5079
Join date : 2014-02-28

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum