70% of Sri Lankan Tamils in Sri Lanka live in the Northern and Eastern provinces. Although Sri Lankan Tamils are culturally and linguistically distinct, genetic studies indicate that they are closely related to Sinhalese ethnic group in the island.
Definition: Under international financial reporting standards, a functional currency is the currency used in the primary economic environment where an entity operates. This is the environment in which an entity primarily generates and expends cash.
a.Under both US GAAP and IFRS, assets, liabilities, and operations of an entity should be measured using the functional currency of that entity. b.Both US GAAP and IFRS allow financial statements to be presented in a currency other than the functional currency, which is also known as the reporting currency.