Terans Gunawardhana | University of Sri Jayewardenepura (original) (raw)

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Papers by Terans Gunawardhana

Sri Lanka adopted IFRS with effect from 1st January 2012.With IFRS gaining rapid acceptance acros... more Sri Lanka adopted IFRS with effect from 1st January 2012.With IFRS gaining rapid
acceptance across the globe with over a 100 countries adopting it, Sri Lanka too is now in line
with the global trend in enabling a common language for financial reporting processes following
the adoption of IFRS. The Adoption of IFRS is a major breakthrough for companies in Sri Lanka
as they will have a common, high quality and internationally accepted set of accounting and
financial reporting standards and is also seen as a way forward to bring in ‘more credibility’ to
financial reporting in the country. However, there are challenges and barriers to Sri Lanka in the
process of adopting IFRS. Hence, this research was aimed to analyze Challenges and Barriers of
Adopting Fair Value Accounting for Real Estate Assets Valuation in Sri Lanka Public Listed
Companies. To accomplish this purpose, three objectives were developed and to achieve the
objectives eighteen (18) hypotheses were developed and tested. The first objective was to find out
the major determinant factors of adopting FVA for Real Estate Valuation. That was basically
achieved through a solid literature review related to the problem statement. Accordingly five firms
based characteristics and three behavioral factors of managers for of adopting FVA for Real Estate
Valuation were identified. Second objective was tested to identify the relationship between firms
based characteristics and behavioral factors of managers for of adopting FVA for Real Estate
Valuation. Accordingly fifteen hypotheses were developed on firms based characteristics in terms
of Firm Size, Leverage, Profitability, Amount of Real Estate and Extent of Expertise for Fair
Value Accounting. The results obtained for all fifteen hypotheses were significant. Thus, the
proposed link between firms based characteristics and behavioral factors of managers for adopting
FVA for Real Estate Valuation was fully supported. Third objective was to identify the
relationship between behavioural factors of managers and adoptability of FVA for Real Estate
Valuation in PLCs’ in Sri Lanka. As per that, Attitudes, Subjective Norms, and Perceived
Behavioural Control were considered as behavioural factors of managers as suggested in literature
chapter. Three hypotheses were tested and all of them were significant to confirm the proposed link
between behavioural factors of managers and adoptability of FVA for Real Estate Valuation in PLCs’ in Sri Lanka. The results obtained for second and third objectives, confirmed the barriers
and challenges of adopting FVA for Real Estate Valuation in Sri Lankan context. Perceived
Control is the most influencing factor, followed by Subjective Norms and Attitudes .As far as
exogenous factors : firms based characteristics and endogenous factors: behavioral factors of
managers for adopting FVA for Real Estate Valuation are concerned; Extent of Expertise for Fair
Value Accounting has the most significant influence on Attitudes of mangers. Level of Leverage of
company determines the Perceived Control of managers in the process of Fair Value adoptability.
At the same time, Firm Size has a significant impact on Subjective Norms of managers in the
process respectively.
Key words: IFRS-FVA, Real Estate Valuation, Public Listed Companies in Sri Lanka, Firm Based Characteristics, Managers’ Behavioral Factors.

Local Authorities are in the lowest level administration structure in Sri Lanka. As enormous amou... more Local Authorities are in the lowest level administration structure in Sri Lanka. As enormous
amount of literature suggest, service quality and beneficiaries satisfaction are very important
concepts that local authorities must understand in order to remain efficient and effective.
Accordingly, SERVQUAL is one of best models used in measuring level of service quality of
local authorities. This paper aims to measure the satisfaction level of beneficiaries’ in
selected Urban Local Authorities in Colombo district using SERVQUAL model and describe
how beneficiaries perceive service quality and whether they are satisfied with services
offered by local authorities. Colombo Municipal Council (CMC), Dehivala Mount Lavinia
MC, Mahagaragama UC and Boralesgamuwa UC limits were selected as sampling
framework. Unit of analysis is beneficiaries and 50 beneficiaries were interviewed in each
authority using seven point Likert scaled, self-administered questionnaire. Data was analyzed
as per the SERVQUAL model with help of SPSS 20.0 package. Considering all aspects by
which public are satisfied related to the services provided by the local authorities in selected
sample, Maharagama UC is providing expected services as it is; with a small gap -0.02. Also
CMC’s gap -0.11 indicates a better sign of their services without having a large deviation
from the expected level. However, Boralesgamuwa UC is the most inefficient services
providing local authority which scores a 3.00 gap. As per the gap shows, Dehiwal Mt.
Levenia is also slightly weak service providing local authority. However, further research on
this area is required to verify the findings and find out the reasons/causes to the
dissatisfaction (gap) of the people who look for services from Local Authorities in Sri Lanka.

Keywords: Service quality, Satisfaction, SERVQUAL model, Urban local authorities

Awareness of the distribution of a data is one of the main prerequisites of a deep data analysis ... more Awareness of the distribution of a data is one of the main prerequisites of a deep data analysis towards decision making. As per that, the frequency, mean, standard deviation are most commonly considered. The frequency of a particular observation is, the number of times the observation occurs in the dataset. The distribution of a variable is the pattern of frequencies of the observation. Frequency distributions are portrayed as frequency tables, histograms etc.
Real estate market analysts are keen on considering the distribution of land values, rentals values, property sales prices etc of an area for their decision making purpose—real estate valuer also looks forward to collect as much as possible data specific to the subject property as well as related data from the market. Further, the average values, minimum-maximum, range, mode and median etc are the key indices used. Finally, the aim is to come up with a reasonable estimation for the subject property.

Globally, the level of urbanization is rapidly increasing and metropolitan areas are growing fast... more Globally, the level of urbanization is rapidly increasing and metropolitan areas are growing fast, creating extensive land use changes and urban spatial expansion. In 2011, a total of 3.6 billion people were urban dwellers, accounting for 52% of the world population (UNDP, 2012). Simultaneously, it is important to access spaces to accommodate this growth. Ultimate results of that is urban fringe area gradually converting to provide access for this pressure demand. Hence it is important to study the conversion of land into urban uses as well as land use changing pattern, direction, and changing intensity. Specific reasons for land use conversion and also implication of land use conversion are very important to any party who is interested in this scenario. Land use changing information is more important to take the best decision when preparing land use management plans. In any situation, land use changes are very difficult to critically identify because of its complicated and dynamic nature. Therefore, Town planners, Real estate developers and all interested parties need to be aware of land use changes and its nature. Due to lack of advanced analytical tools for land use management, identification of land use changing pattern was a difficult task. Therefore it is required to use an accurate model to determine the land use pattern and its future trend. Present GIS analysis provides a more powerful platform for land based analysis. In this analysis it expects to use Spatial Calculating Analysis Model for land use analysis integrating GIS.

Sri Lanka adopted IFRS with effect from 1st January 2012.With IFRS gaining rapid acceptance acr... more Sri Lanka adopted IFRS with effect from 1st
January 2012.With IFRS gaining rapid
acceptance across the globe with over a 100 countries adopting it, Sri Lanka too is now in line
with the global trend in enabling a common language for financial reporting processes following
the adoption of IFRS. The Adoption of IFRS is a major breakthrough for companies in Sri Lanka
as they will have a common, high quality and internationally accepted set of accounting and
financial reporting standards and is also seen as a way forward to bring in ‘more credibility’ to
financial reporting in the country. However, there are challenges and barriers to Sri Lanka in the
process of adopting IFRS. Hence, this research was aimed to analyze Challenges and Barriers of
Adopting Fair Value Accounting for Real Estate Assets Valuation in Sri Lanka Public Listed
Companies. To accomplish this purpose, three objectives were developed and to achieve the
objectives eighteen (18) hypotheses were developed and tested. The first objective was to find out
the major determinant factors of adopting FVA for Real Estate Valuation. That was basically
achieved through a solid literature review related to the problem statement. Accordingly five firms
based characteristics and three behavioral factors of managers for of adopting FVA for Real Estate
Valuation were identified. Second objective was tested to identify the relationship between firms
based characteristics and behavioral factors of managers for of adopting FVA for Real Estate
Valuation. Accordingly fifteen hypotheses were developed on firms based characteristics in terms
of Firm Size, Leverage, Proﬁtability, Amount of Real Estate and Extent of Expertise for Fair
Value Accounting. The results obtained for all fifteen hypotheses were significant. Thus, the
proposed link between firms based characteristics and behavioral factors of managers for adopting
FVA for Real Estate Valuation was fully supported. Third objective was to identify the
relationship between behavioural factors of managers and adoptability of FVA for Real Estate
Valuation in PLCs’ in Sri Lanka. As per that, Attitudes, Subjective Norms, and Perceived
Behavioural Control were considered as behavioural factors of managers as suggested in literature chapter. Three hypotheses were tested and all of them were significant to confirm the proposed link
between behavioural factors of managers and adoptability of FVA for Real Estate Valuation in PLCs’ in Sri Lanka. The results obtained for second and third objectives, confirmed the barriers
and challenges of adopting FVA for Real Estate Valuation in Sri Lankan context. Perceived
Control is the most influencing factor, followed by Subjective Norms and Attitudes .As far as
exogenous factors : firms based characteristics and endogenous factors: behavioral factors of
managers for adopting FVA for Real Estate Valuation are concerned; Extent of Expertise for Fair
Value Accounting has the most significant influence on Attitudes of mangers. Level of Leverage of
company determines the Perceived Control of managers in the process of Fair Value adoptability.
At the same time, Firm Size has a significant impact on Subjective Norms of managers in the
process respectively.

Abstract: Sri Lanka adopted IFRS with effect from 1st January 2012.With IFRS gaining rapid ac... more Abstract: Sri Lanka adopted IFRS with effect from 1st
January 2012.With IFRS gaining rapid
acceptance across the globe with over a 100 countries adopting it, Sri Lanka too is now in line
with the global trend in enabling a common language for financial reporting processes following
the adoption of IFRS. The Adoption of IFRS is a major breakthrough for companies in Sri Lanka
as they will have a common, high quality and internationally accepted set of accounting and
financial reporting standards and is also seen as a way forward to bring in ‘more credibility’ to
financial reporting in the country. However, there are challenges and barriers to Sri Lanka in the
process of adopting IFRS. Hence, this research was aimed to analyze Challenges and Barriers of
Adopting Fair Value Accounting for Real Estate Assets Valuation in Sri Lanka Public Listed
Companies. To accomplish this purpose, three objectives were developed and to achieve the
objectives eighteen (18) hypotheses were developed and tested. The first objective was to find out
the major determinant factors of adopting FVA for Real Estate Valuation. That was basically
achieved through a solid literature review related to the problem statement. Accordingly five firms
based characteristics and three behavioral factors of managers for of adopting FVA for Real Estate
Valuation were identified. Second objective was tested to identify the relationship between firms
based characteristics and behavioral factors of managers for of adopting FVA for Real Estate
Valuation. Accordingly fifteen hypotheses were developed on firms based characteristics in terms
of Firm Size, Leverage, Proﬁtability, Amount of Real Estate and Extent of Expertise for Fair
Value Accounting. The results obtained for all fifteen hypotheses were significant. Thus, the
proposed link between firms based characteristics and behavioral factors of managers for adopting
FVA for Real Estate Valuation was fully supported. Third objective was to identify the
relationship between behavioural factors of managers and adoptability of FVA for Real Estate
Valuation in PLCs’ in Sri Lanka. As per that, Attitudes, Subjective Norms, and Perceived
Behavioural Control were considered as behavioural factors of managers as suggested in literature
chapter. Three hypotheses were tested and all of them were significant to confirm the proposed link
between behavioural factors of managers and adoptability of FVA for Real Estate Valuation in PLCs’ in Sri Lanka. The results obtained for second and third objectives, confirmed the barriers
and challenges of adopting FVA for Real Estate Valuation in Sri Lankan context. Perceived
Control is the most influencing factor, followed by Subjective Norms and Attitudes .As far as
exogenous factors : firms based characteristics and endogenous factors: behavioral factors of
managers for adopting FVA for Real Estate Valuation are concerned; Extent of Expertise for Fair
Value Accounting has the most significant influence on Attitudes of mangers. Level of Leverage of
company determines the Perceived Control of managers in the process of Fair Value adoptability.
At the same time, Firm Size has a significant impact on Subjective Norms of managers in the
process respectively.
Key words: IFRS-FVA, Real Estate Valuation, Public Listed Companies in Sri Lanka,
Firm Based Characteristics, Managers’ Behavioral Factors.

Keywords: Service quality, Satisfaction, SERVQUAL model, Urban local authorities