CA Sri Lanka's 51st Annual Report Awards to kick off in December

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has opened entries for its 51st Annual Report Awards which is to kick off on 3rd December this year. The event is one of the most sought after corporate level competitions in the country that promotes transparency, accountability and good governance.

This years' theme is 'Clarity Redefined' and the competition is open to any organisation ranging from conglomerates to NGOs and SMEs that produces an annual report. The theme also encourages organisations to produce a clearer, cohesive and customized report to re- flect the operations of each individual company.

Speaking at a media briefing held at the Galle Face Hotel last Tuesday, CA Sri Lanka President Arjuna Herath said, "Sri Lanka is in line with the international financial reporting standards in 2012 and after applying the accounting standards for two financial years, we now expect the annual reports to start displaying maturity in communicating to the market the company specific disclosures."

As a professional body and the legislated promulgator of accounting and auditing standards in the country, CA Sri Lanka has taken necessary steps over the years to enhance the financial landscape. "Today we can stake claim to a world class accounting framework which is in line with international standards and there is no doubt that competitions such as the Annual Report Awards have helped enhance this standing further," added Mr. Herath.

He also noted that the awards is not just another competition but is considered as an important stepping stone for corporates to enhance their standing in the corporate world, which ultimately reflects on the economic growth and development of Sri Lanka.

The main objectives of the competition is to encourage effective communication to stakeholders through publication of informative annual reports, promote effective presentation of financial and nonfinancial information and to comply with legislative requirements and generally accepted accounting practices.

Chairman of the Annual Report Awards 2015 Tishan Subasinghe said that in the context of globalisation and the resulting dynamism in changes to best practices in financial reporting with relevant disclosures there is no doubt that maintaining the highest standards of reporting is a challenge.