Message from President International Federation of Accountants

Indeed, these connections define our global profession. Our topic, inspired by the achievements of very many CMA Sri Lanka members, is Integrated Reporting and its role in economic recovery.

Integrated reporting brings together all relevant narrative, quantified, and monetized information related to value creation. The integrated reporting process has three key features. First, it incorporates the same level of quality expected from financial reporting. Second, it is a predictive as well as a historical analysis of performance and resilience. Third, it can enable integrated management thinking, which is what is ultimately needed to improve decision making and capital allocation.

Organisations are increasingly using integrated thinking and reporting to connect all important aspects of value creation and sustainability. They are using integrated reports to get the best, most complete information to investors and stakeholders, and to engage with them about the full scope of a company’s activities, and importantly its role in society.

Since the International Integrated Reporting Council was formed with the support of IFAC in 2010, the number of organisations using integrated reports has grown with now more than 2,500 organizations in over 70 countries implementing integrated reporting, including here in Sri Lanka.

IFAC worked hard through 2020 and 2021 to support the establishment of the new International Sustainability Standards Board (the ISSB) under the IFRS Foundation, and we enthusiastically welcome the news of its formation and its initial activities.

IFAC also welcomes recent announcement to combine the Climate Disclosures Standards Board (CDSB) and the Value Reporting Foundation with the IFRS Foundation by June 2022, providing much needed consolidation and contributing support and resources toward the success of the new ISSB.

As business leaders, the accountancy profession and professional accountancy organisations such as CMA Sri Lanka play a key role, both in encouraging to realise the benefits of integrated thinking and reporting, and in driving the production and assurance of integrated reports. Today’s awards ceremony is just the latest in your consistent effort to promote a better understanding of value and value creation and enhancing corporate reporting in Sri Lanka.

I would like to take this opportunity to congratulate all the winners of the CMA Sri Lanka’s Excellence in Integrated Reporting Awards 2021, but also to thank all of the companies who submitted entries for this year’s awards.

I wish to acknowledge the significant contribution of your founding and current President Prof. Lakshman Watawala who has done so much for the profession in Sri Lanka and across Asia, having served as President of the Sri Lankan Institute of Chartered Accountants, the South Asian Federation of Accountants, the Organization of Professional Accountants of Sri Lanka and the founder and past President of the Association of Accounting Technicians of Sri Lanka. And of course his numerous corporate and public sector leadership positions.

And may I also congratulate your Vice President, Hennayaka Bandara on his appointment as the President of the South Asia Federation of Accountants for 2022, and wish him much success during his presidential term.

Again I thank CMA Sri Lanka for supporting Excellence in Integrated Reporting, with these awards now in their7th year.

And finally, I thank every member of CMA Sri Lanka for the great work you do to support and drive the sustainable development of your country.