Aug 07, 2019 (LBO) - To honor the best Annual Report masterpiece produced in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is now accepting applications for its 55th annual report awards competition from business organizations vying for honors in financial reporting.
Boosted by a progressive history spanning over half a century, the Annual Report Awards Competition organized by CA Sri Lanka has been recognized as an important corporate level competition which promotes transparency, accountability, social responsibility and corporate governance among the country’s diverse business sector.
The competition is open to big and small companies ranging from conglomerates, multinationals to small time community groups as well as NGOs, and even SMEs which produce annual reports. The last day of accepting applications will be 31st August 2019. The Institute will accept reports of financial statements for the year ended 31st December 2018 and 31st March 2019.
CA Sri Lanka President Mr. Jagath Perera said that transparency, accountability and corporate responsibility are paramount if Sri Lanka is to achieve sustainability and reach upper middle-income status. “Hence, it is important for companies to produce transparent annual reports in line with globally accepted standards, as financial reporting has a long term bearing on both the corporate world and the country,” he said.
Mr. Perera noted that by introducing the Annual Report Awards Competition over half a century ago, CA Sri Lanka has ensured that businesses have continuously and consistently adhered to globally accepted standards, while promoting transparency and accountability. “I request organizations to take advantage of this prestigious competition, which has not only set an important benchmark at a national level, but will also help companies enhance their standing by being a responsible business organization willing to go that extra mile to be better, if not the best,” he added.
Chairman of the Annual Report Awards Committee Mr. Heshana Kuruppu said that the competition has increased in stature and significance over the years, and the growing number of participants each year is testament to the competition’s importance. “Last year, we had 130 applications from blue chip companies to small time non-profit organizations demonstrating their commitment towards best practices in annual financial reporting.”
As the competition celebrates its 55th year, Mr. Kuruppu said that the committee has decided to move forward by developing a unique identity for the competition. “We understand that the corporate sector has put in a lot of efforts into the competition. Therefore, to recognise such efforts, we have developed a logo and trophy for the exclusive use of the competition from this year onwards. This will enhance the brand and recognition of the competition further,” he said.
Applications will go through a rigorous marking process, which will involve around 300 personnel including 250 marking examiners, as well as 40 industry experts and the final judging panel comprising of eminent personnel representing commercial enterprises, regulatory authorities and academia.
The best annual report will be recognized as the ‘Overall Winner’ while companies will also be awarded under 25 sectors ranging from banking, finance, insurance, diversified holdings, manufacturing companies, food & beverage, health, trading, hotel, land & property, motor, service, telecom, media, state corporations & statutory boards, plantation, construction, power & energy, NPOs, NGOs and SMEs. Among the other categories which will be awarded are Management Commentary Awards, Corporate Governance Disclosure Awards, Corporate Social Responsibility Awards, and four awards under the Integrated Reporting category.
The winners will be announced at a gala ceremony in December this year.