Entries open for CA Sri Lanka’s 52nd Annual Report Awards

By Charumini de Silva

In an effort to promote transparency, accountability and good governance, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is now accepting applications for the 52nd Annual Report Awards aimed at recognising and rewarding excellence in financial reporting.

The competition is open to any organisation ranging from multinationals, conglomerates, NGOs, to SMEs that produces an annual report.

CA Sri Lanka President Lasantha Wickremasinghe

 

Themed ‘Precision Exemplified’ the event will reward entities under 23 sectors and expects to enlighten Sri Lankan corporates on evolving global trends in annual reporting and encourages them to adopt best practices to be on par with their global counterparts. 

Considering the recent developments in financial reports or the best practices, the organisers have decided to offer four new awards based on value added information given in annual reports covering management commentary, corporate governance, corporate social responsibility and integrated reporting.

In a history spanning over five decades, the Annual Report Awards Competition has helped organisations in Sri Lanka improve transparency and accountability in financial reporting, while also enhancing Sri Lanka’s reporting standards in line with global best practices. 

CA Sri Lanka President Lasantha Wickremasinghe said as the sole authority that formulates accounting and auditing standards in Sri Lanka, they have an important responsibility to strengthen the financial landscape in the country.

“CA Sri Lanka has been offering our corporate leaders in a multitude of events to help enhance their standards in today’s exceptionally challenging business world. We believe it is their obligation both in terms of our profession as well as our corporate community to remain in line with changes taking place at national and international level,” he added.

With the country progressing towards enhanced economic and infrastructure development, transparency, accountability and good governance were highlighted as vital components in strengthening the country’s financial landscape, which will complement the development drive of Sri Lanka.

“Sri Lanka is in the threshold of a renewed development path; as professionals we have a responsibility in achieving our country’s objectives and its development goals which will have a multitude of results,” he explained. Wickremasinghe said that a good annual report highlights the background stories effectively so that it will create an understanding among readers about the organisation’s ethics, values, achievements, future orientations and also contributions made towards the society and its environment in which it operates. Outlining the essential ingredients of a good financial report  he said accurate, timely and comprehensive corporate disclosures will  not only help foster confidence of the shareholders and investors of the company, but also in building up the company’s public image as well as the reputation.

“With the availability of the new technology, access to more information and public being more knowledgeable and demanding, they now not only expect the Government but businesses to be responsible and to carry out their roles in an acceptable manner,” he stressed. 

Noting that the 51st Annual Reports Awards recorded 143 entries, by far the highest, Wickremasinghe asserted it was encouraging as it means more organisations understand the importance of transparency, good governance and responsibility. 

Annual Report Awards Committee Chairman Sanjaya Bandara outlining on the theme ‘Precision Exemplified’ said it embodies important facets to any organisation in its efforts to strengthen the core elements of transparency, good governance and social responsibility.  He also highlighted the importance of vision, swiftness, strength and power for corporates’ progress ahead and urged organisations to take part in this year’s competition which, according to him, would bring renewed reputation to corporates in Sri Lanka. CA Sri Lanka Chief Executive Officer Aruna Alwis said that since its launch in 1964, the Annual Reports Awards Competition has been a pioneer in helping the corporate sector boosts its transparency and accountability elements in financial reporting.  “Taking the current context into consideration, the Annual Report Awards is a most warranted competition as it strongly advocates transparency, accountability and good governance among Sri Lanka’s diversified business sector,” he added. 

Coming on board once again as the strategic partner Colombo Stock Exchange (CSE) Chairman Vajira Kulatilaka said they were proud to be involved with the event not only because it is the livewire or the heart of capital market, but annual reports are a key component in communicating company’s performance to a minority shareholder. 

He stressed that when governance and accounting standards get improved it will get more investors and issuances to the CSE as a result attractiveness of the capital market will improve further. Kulatilaka was ambitious in developing the capital market to an international level where it could cater as a regional hub. “As the capital market develops more investors will look for these financial reports. We are doing a lot of things to develop it to an international standard. Owing to the past disturbed incidents in the country, capital market didn’t develop to the level it should have been developed. Hence, we are doing our best to leap frog ourselves to become a regional hub for other countries to come and list here.”  Emphasising CA Sri Lanka Annual Reports Awards has become ‘the event’ for corporates, he said it has helped firms to be raise the benchmark every year to win this prestigious awards as those who win are determined to maintain their position while losers work hard to accomplish next year.  The entries for the 52nd Annual Report Awards Competition will close on 9 September where winners would be announced in December this year.