The Chartered Accountant of Sri Lanka (CA) launched the 55th Annual Report Awards program which recognises the best Annual Reports, in Colombo on Tuesday.
Chairman Annual Reports Award Committee, Heshana Kuruppu, and President CA Sri Lanka, Jagath Perera called on all companies to enter the competition which will be closed on August 31. Thereafter the committee will review the reports and choose the winners prior to the awards ceremony scheduled to be held in December.
The awards accept reports for the year ending December 2018 and March 31, 2019. The awards are done with the support of the Colombo Stock Exchange (CSE). Chairman CSE, Ray Abeywardena and CEO Rajeeva Bandaranaike were present on the occasion. Kuruppu said, “We have established a three-tier marking process consisting of technical marking, industry expert evaluation, and evaluation by a panel of judges.” The head of the judging panel will be Central Bank Governor Dr. Indrajit Coomaraswamy.
Awards are presented in 25 different categories with 3 different places under each category and 250 chartered accountants will be involved in technical marking. There will be 40 different industry experts. The judging panel will have 30 other experts. The judging will take into account the latest accounting standards and other relevant announcements.
Kuruppu added, “Our objectives organizing annual report are to encourage corporations to compile annual reports. We ensure that comprehensive financial and non-financial disclosures required by stakeholders are included in those annual reports. We ensure user-friendliness, cohesiveness, clarity in the report. We encourage compliance with relevant accounting practices and also with the laws of the country.” Perera announced the launching of a new logo and trophy for the award ceremony. The new trophy was unveiled at the event. The trophy’s design is meant to symbolize corporate best practice and is larger than a conventional award.
Perera added, “Today IFAC, International Federation of Accountants is looking to build a standard on less complex entities. Our accounting standard for small industries that are not SVEs is going to the basis for them to work on.” Perera said that IFAC was using a lot of data and expertise that the CA had developed.
Perera wanted CA stakeholders to know that it understands the impact of the standards it sets. Perera said, “With SLFRS 9 CA Sri Lanka has just completed a lot of deliberations on post-implementation review. The standard has an impact on the industry. We are working on SLFRS 15 and IFRS 17.”
The best annual report will be recognized as the ‘Overall Winner’. Awards are also available under 25 sectors. The sectors identified are; Banking, Construction, Diversified Holdings, Finance, Food and Beverage, Health, Hotel, Insurance, Land and Property, Manufacturing, Media, Motor, NGOs, NPOs, Plantation, Power and Energy, SMEs, State Corporations, Statutory Boards, Telecom, and Trading. Awards will also be made for management commentary, corporate governance disclosures, corporate social responsibility and four awards under integrated reporting.
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