The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has called for applications for its 54th Annual Report Awards Competition.
The competition this year will revolve around the theme ‘Epitome of Brilliance’ with the best annual reports due to be honoured at an awards ceremony in December this year.
The competition will reward organisations that produce the most cohesive, clear and customized annual reports that better reflects an entity’s operations, whilst going beyond their statutory boundaries of reporting, all while promoting transparency, accountability and good governance.
Entries for the 54th Annual Report Awards Competition close on August 31, 2018. The Institute will accept reports for financial statements for the year ended December 31, 2017 and March 31, 2018.Addressing a press conference in Colombo, President of CA Sri Lanka, Jagath Perera said, “The Annual Report Awards Competition organised by CA Sri Lanka has built a reputation as an important competition that promotes companies to produce high quality annual reports that are cohesive, clear and go beyond the statutory boundaries of reporting.”
Perera said that as Sri Lanka continued to inch towards upper middle income status, the professional community and corporates, have an important role to play in our country’s forward journey, by conscientiously promoting transparency, accountability and good governance which are important cornerstones for any developing economy.
“In this journey, producing precise and transparent annual reports in line with the highest global standards should also remain at the top of the agenda of any organisation immaterial of its standing or stature in the business world, as accurate financial reporting also has a long term bearing on both a company and country,” Perera added.
Chairman of the Annual Report Awards Committee Heshana Kuruppu explained that the importance of this competition has been highlighted by the consistent growth it has witnessed year after year. He also said that the Institute has taken every necessary effort in updating the marking scheme in terms of the latest accounting standards and other relevant pronouncements, to ensure the relevance of the competition.
Mr. Kuruppu said that a meticulously formulated annual report helps develop the capital market in the country, therefore ensuring the availability of information in a clear, complete and concise manner which is vital for all stakeholders including shareholders and potential investors which will allow them to make informed investment decisions.
Any organisation in Sri Lanka that produces an annual report can apply for the CA Sri Lanka Annual Report Awards Competition. Organisations from small-time community groups to large-scale conglomerates representing 25 sectors.
Apart from the overall winners and the winners under each sector, the competition will also honour organisations for Corporate Governance Disclosure, Corporate Social Responsibility Reporting, Management Commentary, Integrated Reporting, Integrated Reporting - Best Disclosure on Capital Management and Integrated Reporting - Best Disclosure on Business Model.