CA Sri Lanka calls applications for 54th Annual Report Awards
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Tuesday announced at a press briefing that it is calling for applications for the 54th edition of the Annual Report Awards.
This year’s competition, organised by CA Sri Lanka alongside its strategic partner the Colombo Stock Exchange (CSE), is amply themed ‘Epitome of Brilliance’, as it aims to reward organisations that produce cohesive, clear and customised annual reports that reflect the entity’s operations, whilst going beyond boundaries of reporting to promote transparency, accountability and good governance.
Present at the head table of the press briefing for CA Sri Lanka’s 54th Annual Report Awards were CA Sri Lanka Vice President Manel Jayasinghe, CA Sri Lanka President Jagath Perera, Annual Report Awards Committee Chairman Heshana Kuruppu, CSE Chairman Ray Abeywardena, CSE Market Development Head Niroshan Wijesundera and CA Sri Lanka Secretary CEO Prasanna Liyanage.
Central Bank Governor Dr. Indrajith Coomaraswamy wasnamedthe chairman of the judging panel for this competition. CA Sri Lanka President Jagath Perera said, “In this journey, producing precise and transparent annual reports in line with the highest global standards should remain at the top of the agenda for 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.”
Annual Report Awards Committee Chairman Heshana Kuruppu opined that a properly produced 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, allowing them to make informed investment decisions.
“I encourage corporates in Sri Lanka that produce annual reports to take part in this competition and convey to the world that they are a responsible business, willing to promote the core areas, which are transparency, accountability and good governance,” Kuruppu said. Any organisation in Sri Lanka that produces an annual report can apply for this competition. Organisations from any of the 25 sectors, including banking institutions, state banks, diversified holdings, finance companies, leasing companies and other financial institutions, food and beverage companies, healthcare institutions, trading companies, hotel companies, insurance companies, land and property companies, manufacturing companies, motor companies, service organisations, telecommunication companies, unit trusts, media and entertainment companies, state corporations and statutory boards, plantation companies, construction companies, power and energy companies and not-for-profit organisations (NPOS) including non-governmental organisations (NGOS) and small and medium entities can apply for this year’s competition.
Apart from the overall winners and 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.
The deadline for applications for this year’s competition is August 31, and financial reports for year ended December 31, 2017 and March 31, 2018 will be accepted.