Best of insights to Fair Value Accounting at SAFA Conference in Colombo

The best of insights to Fair Value Accounting will be shared by a host of foreign and local experts at a top level international conference on the subject in Colombo on August 24th and 25th at the Taj Samudra Hotel.

Given the honor and privilege of the presidency of South Asian Federation of Accountants (SAFA) resting with Sri Lanka in the current year, the Institute of Chartered Accountants Sri Lanka (ICASL) is the organiser of the international conference on the theme “Fair Value – a Paradigm Shift” on August 25th at the Hotel Taj Samudra.
Given the importance of the event Prime Minister Ratnasiri Wickramanayake will be the chief guest at the ceremonial opening of the conference.

The keynote speaker of the SAFA International Conference is Grahamme Evans who is the Managing Director of the Professional Investment Services a financial services organization.

The concept of Fair Value Accounting has been at our door step for quite some time, and it is just about to crash through into our domain taking all of us by surprise. So it is high time we as accountants prepare to face this challenge. For years we’ve been juggling figures from Trial Balance to various financial statements, our learning and application on valuation was limited to DCF & NPV but now we are forced to face the realities, valuation is becoming more critical, we need to impart these concepts to study programmes and training modules and face the future with confidence and avoid obsolescence.

Against the backdrop the following technical sessions are arranged :

1. “Equipping the future Accountants” - This session would deal with the issues related to educating and training the future accountants.
2. “Challenges and Way forward” – this session would deal with the market issues, lack of beta and data, lack of liquidity etc.
3. “Issues of Volatility and Impact of Financial Reporting”
4. “Auditing Fair Values in Financial Statements”


A panel of eminent overseas and local presenters who are authorities on these subjects would be presenting papers at these technical sessions.
Professional Investment Services of key note speaker Grahamme is a financial services organization that was established in 1996 by accountants and financial planners determined to maintain independence in the financial services arena. The Group has grown to boast offices in all Australian capital cities, an extensive regional network plus overseas operations in New Zealand, Singapore, Malaysia, Hong Kong and North America.

The group offers a range of services specifically designed to assist practicing financial planners and accountants incorporate a holistic financial service approach to their clients. More and more, over the world are turning to their financial planner and accountant to offer them a wide range of alternatives and advice on all their financial affairs.

Through the size, professional skills base and success, professional Investment Services offers first class, personalized service and remain a progressive company in the ever evolving financial services sector.
Grahamme identifies and nurtures effective and profitable relationships with the accounting profession and other professions to provide truly integrated financial services. His role with the Company is to take those relationships to the next stage of development with a range of complementary services and support as well as recommending strategic investments in accountancy, financial planning and risk advising practices.

Jelil Bouraoui Deputy Chairman of Developing Nations Committee of IFAC the global accountancy body and the founder of the Jelil Bouraoui and Co Tunisia, Dr. Paul Pacter Director IASB, SAFA office bearers, heads of accountancy bodies in the region and delegates are expected to visit Sri Lanka to speak at the conference.
SAFA President Indrajith Fernando said that the ICASL as the SAFA Centre of Excellence has been at the forefront of development of accounting practices and has been leading in the adoption of International Financial Reporting Standards in the region. The concept of Fair value accounting has been at our door step for quite some time and it is just about to enter into our domain and it is timely and relevant to deliberate on practical issues. We have to prepare to face this challenge he said.
Conference Committee Chairman Sujeewa Rajapkse said: Against the back drop the them the technical sessions are arranged on equipping the future accountants, issues of volatility and impact of financial reporting and auditing fair values in financial statements. A panel of eminent overseas and local presenters who are authorities on these subjects would be presenting papers at these technical sessions.”