3:45 p.m. (b)
Ranjith is into accounting!
I don't know what the wind speeds are in Sri Lanka when I tried to see if a GAAP switch can take off or gain lift.
But it's mostly to do with digitization. It's to computerize everything. All of our accounting. I also want mathematics tied to computing. As even a calculator is a computer. Or a portable Oxford dictionary is a computer. It just follow an algorithm or logic.
With GAAP, a modified version with LIFO, you have maybe close to 20 text books compared with 7 books for IFRS. Sure as many firms use IFRS, you can do it for them. But as far as we go, it's mostly about automation.
Does this mean structural unemployment?
Yes.
Because that's the global trend. We are just taking a few steps ahead of the curve. As innovators or early adopters.
Yes means yes.
Yea means that you have a net negative according to many analysts.
However it also means structural employment in my book.
Because what I seem to be doing is offering real value to the world.
Innovating.
Being more competitive.
Bank of Sri Lanka
A monopoly on banking and finance
We will definitely need accountants
And yeah, we are expecting to pay quite generously because we see it's helpful. I guess, $5,000 dollars entry, $10,000 early mid level, $20,000 mid level, $50,000 per year maybe for high level and $100,000 for top level. The specialists, would get at most, around $450,000 bucks.