The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has approved the adoption of the Sri Lanka Standard on Sustainability Assurance (SLSSA) 5000, marking a notable advancement in the country’s framework for sustainability reporting and assurance. As the nation’s sole authority on accounting, auditing, and sustainability standards, CA Sri Lanka’s endorsement of SLSSA 5000 aims to strengthen the credibility, transparency, and reliability of sustainability-related disclosures by organisations operating in Sri Lanka.

The new standard, which will take effect for sustainability assurance engagements covering periods starting on or after 15 December 2026, introduces a specialised and comprehensive framework tailored specifically to sustainability information. Previously, sustainability assurance activities in Sri Lanka were guided primarily by SLSAE 3000, a broader assurance standard for non-financial information. SLSSA 5000, in contrast, offers dedicated guidance designed to address the unique risks and considerations inherent in sustainability reporting.

SLSSA 5000 accommodates both reasonable assurance and limited assurance engagements, providing detailed direction on crucial elements such as materiality within sustainability contexts, governance and risk assessment, and the handling of forward-looking information. The standard also aligns with internationally recognised sustainability reporting frameworks, including those developed by the International Sustainability Standards Board (ISSB) and Sri Lanka’s own SLFRS S1 and S2 standards on sustainability-related financial disclosures and climate-related information.

By incorporating sustainability-specific terminology and evolving best practices, SLSSA 5000 establishes a scalable assurance model suitable for organisations across a variety of sectors and sizes. Its introduction supports Sri Lanka’s ongoing efforts to create a comprehensive ecosystem for sustainability reporting, one that integrates disclosure, assurance, governance, and accountability mechanisms. This move follows the earlier adoption of SLFRS S1 and S2, which became effective from 1 January 2025 and focus on the disclosure of sustainability financial information and climate-related risks.

Through these developments, Sri Lanka positions itself among countries advancing globally aligned sustainability reporting and assurance practices. The adoption of SLSSA 5000 is expected to assist organisations in enhancing transparency, fostering stakeholder confidence, and demonstrating resilience and value creation over the long term amid rising demand from investors, regulators, lenders, and other stakeholders for reliable sustainability information.