Sri Lanka, Feb. 12 -- The Road Development Authority (RDA) has failed to capitalise nearly 75 percent of the Class A and B road network it manages, leaving billions of rupees worth of state assets off its statement of financial position.
According to the Auditor General's latest observations on the 2023 financial statements, while the Authority is responsible for a massive network spanning 12,225 kilometers, only a mere 3,267 kilometers had been properly capitalized since the process began in 2018.
This significant accounting lapse means that the value of approximately 8,958 kilometers of national highways-representing the backbone of the island's transport infrastructure-is effectively invisible in the RDA's financial reporting, disto...