Page 53 - CPM Sri Lanka ANNUAL REPORT 2022

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CPM Sri Lanka | Annual Report 2021-2022
NOTES TO THE
FINANCIAL STATEMENTS

For the year ended 31 March 2022,

1. REPORTING ENTITY

1.1 Domicile and legal form
The Institute of Chartered Professional Managers of Sri Lanka (“the Institute”) has been registered as a specially authorized
society under section 3 (b) of Societies Ordinance (Chapter 123), on 27 February 2009. The registered office of the Institute
is situated at No. 11, Melbourne Avenue, Colombo 04
“With effect from 26 March 2019, the name of the Institute was changed from The Institute of Certified Professional
Managers to The Institute of Chartered Professional Managers of Sri Lanka.”
1.2 Principle activities and nature of operations
The Institute was formed to provide a professional qualification in management, known as The Institute of Chartered
Professional Managers of Sri Lanka (CPM Sri Lanka), by conducting educational programs, providing practical training in
private and public sector entities and establishing a link between the private and public sectors for the advancement of
professional management.

2. BASIS OF PREPERATION

(a) Statement of compliance
The financial statements have been prepared in accordance with the Sri Lanka Accounting Standards for Small and
Medium- sized Entities (SLFRS for SMEs)
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis. No adjustments have been made for inflationary
factors in the financial statements.

(c) Functional and presentation currency
These financial statements are presented in Sri Lankan Rupees, which is the Institute’s functional currency.

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