Page 53 - CPM Sri Lanka Annual Report 2020-2021

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CPM Sri Lanka | Annual Report 2020-2021

NOTES TO THE FINANCIAL STATEMENTS

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.29/24, Visakha Lane, 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 Standard 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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