CA Sri Lanka to host SAFA regional awards

Wednesday, 20 March 2013 00:10 - - {{hitsCtrl.values.hits}}

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will host the Best Presented Annual (BPA) report awards of the South Asian Federation of Accountants (SAFA) which will be held on Friday 22 March 2013 in Colombo.

On the sidelines of the SAFA BPA awards ceremony, CA Sri Lanka will also host the SAFA board meeting and several committee meetings on 23 March 2013. The SAFA BPA award for the ‘Best presented annual report’ is considered as the most prestigious accolade for financial reporting in the South Asian region.

It also signifies SAFA’s recognition and reward for organisations in the region, achieved excellence in presentation and disclosure of high quality, relevant, reliable and objective financial statements in accordance to the framework stipulated by the International Accounting Standards Board (IASB).

The award ceremony is being held annually since 1996 in one of the SAFA member countries, this year the ceremony is expected to be graced by some of the top corporates in the region. The chief guest for the will be Securities Exchange Commission of Sri Lanka Chairman Dr. NalakaGodahewa.

CA Sri Lanka is a founding member of SAFA, which is the Apex Body of the South Asian Association for Regional Co-operation (SAARC) and a regional grouping of the International Federation of Accountants (IFAC).

SAFA consists of the institutes of chartered accountants and the institutes of cost and management accountants in the SAARC countries who have associated together with the objective of developing the accountancy profession in the region.

Judging for the SAFA BPA awards involves the scrutiny of annual reports nominated by the accounting bodies in India, Pakistan, Bangladesh, Nepal and Sri Lanka, which are appraised under different categories on the basis of evaluation administered by SAFA’s committee for improvement in transparency, accountability and governance in an annual report.

CA Sri Lanka members play an active role in various committees of SAFA, with several members of the Institute heading important committees in the regional body.

A significant number of leading companies in Sri Lanka won the SAFA BPA awards during the past and while this year several Sri Lankan companies will be competing against their regional counterparts for awards which rewards excellence in financial reporting.

Along with the SAFA BPA awards, the SAARC anniversary awards for corporate governance disclosures will also be held on 22 March 2013.