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

Display results as :
 


Rechercher Advanced Search

Latest topics
» Dividend Announcement
Yesterday at 9:49 pm by nihal123

» Thread for News on CSE and SL Economy
Yesterday at 8:42 pm by ruwan326

» MTD WALKERS - KAPI
Yesterday at 8:33 am by ruwan326

» SHL.N0000 (Softlogic Holdings PLC)
Wed Feb 20, 2019 8:23 am by ruwan326

» Importance of 2019 government budget
Tue Feb 19, 2019 12:13 pm by කිත්සිරි ද සිල්වා

» Emir of Qatar on a private visit to Sri Lanka till February 22
Tue Feb 19, 2019 11:19 am by Backstage

» SAMP.N0000 (SAMPATH BANK PLC)
Tue Feb 19, 2019 5:26 am by lanka

» Happy Birthday
Mon Feb 18, 2019 12:27 pm by smallville

» දේවදත්තගෙන් අපායේ සිට මෛත්‍රී බුදුන් වහන්සේට එවන ලද ලිපිය...~~~
Fri Feb 15, 2019 8:24 am by ruwan326

» REXP.N0000 ( RICHARD PIERIS EXPORTS PLC)
Fri Feb 15, 2019 4:57 am by serene

» CONN.N0000
Wed Feb 13, 2019 8:09 pm by ruwan326

» SERV - The Kingsbury
Wed Feb 13, 2019 8:08 pm by ruwan326

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Wed Feb 13, 2019 7:53 pm by ruwan326

» KVAL.N0000
Wed Feb 13, 2019 7:36 pm by ruwan326

» MGT.N0000
Wed Feb 13, 2019 7:29 pm by ruwan326

» HAYC - Haycarb
Wed Feb 13, 2019 7:24 pm by ruwan326

» DIPD.N0000 (Dipped Products)
Wed Feb 13, 2019 7:22 pm by ruwan326

» HAYL.N0000 Hayleys PLC
Wed Feb 13, 2019 7:16 pm by ruwan326

» අනං මනං! #/+?.<>
Wed Feb 13, 2019 7:55 am by කිත්සිරි ද සිල්වා

» මහජනතාව බල ගැන්වෙම්න් සිටී…
Tue Feb 12, 2019 8:23 pm by ruwan326

» VFIN - where the journey leads it?
Mon Feb 11, 2019 7:35 pm by ruwan326

» PLC.N0000 ( People's Leasing and Fiance PLC)
Mon Feb 11, 2019 7:31 pm by ruwan326

» LFIN - LB Finance
Mon Feb 11, 2019 7:25 pm by ruwan326

» Sri Lanka urged to develop own narrative of China’s BRI
Mon Feb 11, 2019 2:50 pm by Backstage

» Wonder why men send photos of their genitals? Here are some theories
Mon Feb 11, 2019 11:01 am by Backstage

» Flying is the Safest mode of Transport
Sat Feb 09, 2019 8:12 am by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
Thu Feb 07, 2019 2:24 pm by Ethical Trader

» Lanka named top tourist destination for 2016
Wed Feb 06, 2019 2:29 pm by කිත්සිරි ද සිල්වා

» A Bit of History
Wed Feb 06, 2019 2:18 pm by ruwan326

» AMF.N0000
Thu Jan 31, 2019 6:56 am by serene

» IOC Sri Lanka unit December quarter loss widens to Rs987mn
Mon Jan 28, 2019 11:02 am by ruwan326

» මූර්ත පොළියෙන් ශ්‍රී ලංකාව අංක 1ට – බ්ලූම්බර්ග් අනාවරණය කරයි
Mon Jan 21, 2019 7:18 pm by nihal123

» Obituary Notice.
Mon Jan 21, 2019 7:14 am by කිත්සිරි ද සිල්වා

» Trading Journal
Sun Jan 20, 2019 5:53 am by serene

» LDEV - Lankem Developments
Fri Jan 18, 2019 2:11 pm by ruwan326

» විශිෂ්ඨ සිල්ලර වෙළෙන්දෙකුගේ ජීවිත කතාව
Thu Jan 17, 2019 12:15 pm by Ethical Trader

» AAIC.N0000
Wed Jan 16, 2019 9:50 pm by serene

» இனிய பொங்கல்
Tue Jan 15, 2019 9:15 pm by nihal123

» HUNA.N0000
Mon Jan 14, 2019 5:29 pm by Ethical Trader

» Blessing in Disguise!! It's high time Brothers!!
Sun Jan 13, 2019 11:35 am by serene

» Thread for News on Local and Foreign Politics
Sat Jan 12, 2019 8:26 am by ruwan326

» කෝටි 4620 ක බැඳුම්කර නීතියට පිටින් ශ‍්‍රී ලංකන්ට දීලා
Mon Jan 07, 2019 6:18 pm by Ethical Trader

» JINS.N0000 ( Janashakthi Insurance PLC)
Sun Jan 06, 2019 1:12 pm by smallville

» Thread for News on International Markets
Fri Jan 04, 2019 9:40 am by The Invisible

» අවුරුද්ද අප කයි - අපි අවුරද්ද කමු (ජනවාරි පළමුවැනිදා)
Tue Jan 01, 2019 6:23 pm by malanp

» සැන්ඩි එපා!
Tue Jan 01, 2019 6:01 pm by serene

» අසිරිමත් සුබ නව වසරකට ආසිරි !
Tue Jan 01, 2019 5:08 pm by PANTOMATH

»  වසරක කාලය තුළ ඉන්දියාවේ ඉහළම ආදායම් ලාභීන්
Mon Dec 31, 2018 2:47 am by nihal123

» අයදුමේ දී ඡායාරූප ‘ඇලවීම‘ අවශ්‍ය නැති ජාතික හැඳුනුම්පත ජනවාරි 01 සිට දිවයිනටම
Sun Dec 30, 2018 9:37 pm by lanka

» මැදපෙරදිගට පමණක්‘ පාස්පෝට් මින් ඉදිරියට නැහැ
Thu Dec 27, 2018 5:18 pm by Ethical Trader

February 2019
SunMonTueWedThuFriSat
     12
3456789
10111213141516
17181920212223
2425262728  

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

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

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 : 4907
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