Sri Lanka Consolidated Acts

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Finance Companies Act (No. 78 of 1988) - Sect 15

Balance sheet of finance company

14,
(1) The balance sheet of a finance company shall set out the state of affairs of such company as at the end of the financial year to which such balance sheet relates.
(2) There shall be shown in the balance sheet or in any statement annexed thereto
(a) capitalized expenses not represented by tangible assets under separate headings, so far as they are not written off;
(b) the market value of investments;
(c) the method adopted to value fixed assets if there had been any valuation of such assets during the financial year;
(d) the aggregate amounts of advances after the provision for bad and doubtful debts;
(e) any increase or decrease in the provision for depreciation renewals, or diminution, in the value of fixed assets;
(f) the sources and application of funds;
(g) reserves, previsions and liabilities distinguishable from each other;
(h) except in the case of the first balance sheet after the date of commencement of this Act, the corresponding amounts at the end of the immediately preceding financial year for all items shown in the balance sheet.

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