CMA Excellence in Integrated Reporting Awards tomorrow
Institute of Certified Management Accountants of Sri Lanka (Cma)-organised CMA Excellence in Integrated Reporting Awards 2018 will be held for the fourth consecutive year tomorrow, at Cinnamon Lakeside, Colombo.
The event will be held under the distinguished patronage of Speaker of Parliament Karu Jayasuriya, Industry and Commerce Minister Rishad Bathiudeen, International Federation of Accountants President Rachel Grimes, Singapore Institute of Technology Professor of Accounting Prof. Ho Yew Kee and an eminent panel of judges.
The awards ceremony will be preceded by the CMA Global Management Accounting Conference on the theme ‘Integrated Reporting – The Future of Corporate Reporting’, a valuable conference on integrated reporting for corporate leaders, including chairmen, directors, CEOS, CFOS and those engaged in the preparation of integrated reporting addressed by global experts on the subject.
This year’s Integrated Reporting Awards has been strengthened by the participation of the Colombo Stock Exchange, showing the great importance of integrated reporting to the shareholders and other stakeholders of public quoted companies.
International recognition for the Integrated Reporting Awards has been received with International Federation of Accountants President Rachael Grimes participating as the keynote speaker and the International Integrated Reporting Council (IIRC) represented by IIRC India Advisor Vrushali Gaud.
The evaluation of the integrated reports has been carried out as per the integrated reports framework issued by the IIRC in December 2013. This is supported by an eminent panel of evaluators.
The judges for the Integrated Reporting Awards panel will be chaired by Prof. Kee supported by IIRC Ambassador from South Africa Graham Terry and include international experts on integrated reporting from the UK, USA, Canada, Singapore, South Africa, India and Sri Lanka, giving due recognition to Sri Lanka as a leading country that has implemented integrated reporting on a voluntary basis, whereas it is mandatory in countries such as South Africa and more recently in India.
On the importance of integrated reporting, the International Integrated Reporting Council states that an integrated report is a concise communication about how an organisation’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term.
The primary purpose of an integrated report is to explain to the providers of financial capital how an organisation creates value over time. It therefore contains relevant information, both financial and non-financial. An integrated report benefits all stakeholders interested in an organisation’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policymakers.
This year, CMA has opened this competition to a wide range of business sectors and provides around 30 awards and certificates to the overall winners, first and second runners-up, 10 Excellence in Integrated Reporting Awards, Sector Awards, Merit Awards, Special Awards and Certificates of Merit.