47th ICASL Annual Report Awards gets off the ground

Organised by the Institute of Chartered Accountants of Sri Lanka, the Annual Report Awards 2011 got off the ground with registrations opening on 22 August.  It is one of the most celebrated award ceremonies in the country that recognises the excellence in annual financial reporting.

Registrations will close on 15 September 2011 and the most looked forward to awards ceremony is planned for 9 December 2011 at Waters Edge Battaramulla.

An annual report is an organisation’s single most important instrument of financial disclosure. While the numbers on the report indicate the financial results of an organisation, it must also be noted that there would be many stories behind these numbers.

A good annual report highlights these background stories effectively so that it creates an understanding amongst its readers about the organisation, its values, its achievements as well as its contribution to the society.

With growing interest over transparency, good governance, sustainability and social responsibility, an annual report is expected to provide a more holistic view of an organisation’s performance, going beyond what is statutorily required.

Organisations that adopt sound financial reporting practices adhere to corporate governance codes and abide by industry norms, also   contribute positively towards the stability of the country’s financial system. The objective of the Chartered Accountants’ Annual Report Awards competition is to encourage entities to meet these global expectations.

Annual Report Awards Committee 2011 Chairman Lasantha Wickremasinghe said: “As the sole authority in publicising accounting standards, ICASL has identified its responsibility in ensuring that companies in Sri Lanka adhere to such standards, thereby assisting in stabilising the country’s economy. We believe that our efforts will encourage organisations in Sri Lanka to thrive for excellence in annual reporting which will benefit their stakeholders; and at a macro level, the financial system of the country.”

The competition covers 22 sectors from small business categories such as NGOs, clubs, associations to large conglomerates. There are 80 awards presented under 25 categories.   The annual reports are evaluated against established criteria; that assess how successful each entrant has been in communicating their objectives, highlights, performance, management and personnel to the intended audience in a clear and concise manner.

The judges consider the size, complexity, sophistication as well as resource availability of each entrant in arriving at the final decision. All entrants go through an initial selection process by a team of Chartered Accountants. Those who are short listed will be subjected to a review by a panel of industry experts and then the final panel of judges.  The winner and two runners up will be recognised under each of the 25 categories.