Colombo Stock Exchange (CSE) Supporting Partner at “CMA Excellence in Integrated Reporting Awards – 2018”
The Colombo Stock Exchange will be the Supporting Partner at the Institute of Certified Management Accountants of Sri Lanka ( CMA) “CMA Excellence in Integrated Reporting Awards 2018” conducted for the 4thconsecutive year and the awards ceremony will be held on July 5th, 2018 at Cinnamon Lakeside, Colombo.
The International Integrated Reporting Framework issued by the International Integrated Reporting Council (IIRC) will be used to accelerate the adoption of <IR> in Public Quoted Companies and other sectors.
“Integrated reporting is a process founded on integrated thinking that results in a periodic integrated report by an organization about value creation over time and related communications regarding aspects of value creation.”
(Prof.Lakshman R. Watawala, President CMA Sri Lanka presenting the first copy of ‘CMA Excellence in Integrated Reporting Awards 2018’
brochure to Mr. Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange, the supporting partner for the event.)
An integrated report is a concise communication about how an organization’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 providers of financial capital how an organization creates value over time. It therefore contains relevant information, both financial and other. An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.
The integrated report tells the complete story of the organisation in a clear and straightforward manner. It differs from the traditional annual report, which emphasises financial reporting, in that it focuses on the ability to create value in the short, medium and long term. The report has an emphasis on: conciseness, strategic focus and future orientation, connectivity of information, and the capitals and their interdependencies.”
(Adapted from IIRC Framework)
The closing dates for submission of applications are as follows:
18thMay 2018 - Institutions whose financial year ends on 31st December 2017 which includes Banks and other institutions.
11th June 2018 – Institutions whose financial year ends on 31stMarch 2018
CMA Excellence in Integrated reporting Awards has received International Recognition with the presence of the CEO of IIRC last year and this year with the distinguished participation of the President of Inter national Federation of Accountants ( IFAC) Ms Rachael Grimes who will deliver the Key Note Address at the Awards Ceremonyand distribute awards.
This is further strengthened by the international panel of judges who are experts on<IR> from UK, USA, Canada, Singapore, South Africa, India and Sri Lanka supported by an eminent panel of evaluators.
The Colombo Stock Exchange (CSE) are greatly encouraged by the number of companies that have adopted Integrated Reporting on a voluntary basis and are hopeful that many more companies will follow suit and apply for the 2018 < IR> Awards.
Overall Awards including the best 10 are granted to those who have excelled in Integrated Reporting and the sector awards will encourage all companies in different sectors to apply. The categories include listed companies, unlisted companies, banks, finance, insurance, industry and commerce, hotels, plantations, conglomerates, state owned enterprises, NGOs and NPOs and Small &Medium Enterprises (SME).
Special Awards for the application of concepts of integrated reporting will further enhance the implementation of <IR> especially for public quoted companies. These include Integrated Thinking, Conciseness, Capitals, Materiality, Value Creationand Strategic Focus. An award will also be presented for the Most Improved Integrated Report
Those who require any further information could contact the CMA or CSE.