ICASL Annual Report 2011 Awards on Friday

The stage is set for the grand finale of the Institute of Chartered Accountants of Sri Lanka’s (ICASL) Annual Report Awards 2011 to be held on 9 December at Water’s Edge.

Minister for Economic Development, Basil Rajapaksa, will grace the event as the Chief Guest. Marking the 47th year, these awards have become a benchmark for many leading corporate in the public and private sectors and have come to signify excellence in annual financial reporting.

Transparency, good governance, sustainability and social responsibility are elements of an organisation that are taking on increasing importance in a world that has seen the worst financial crisis in recent history.

Lasantha Wickramasinghe, Chairman, ICASL 2011 Annual Report Award Committee, explained: “ICASL’s Annual Report Awards have paved the way for raising awareness about and improving the quality of annual reporting amongst companies in Sri Lanka. In our ongoing tradition, this year too we expect to see some high standards in financial reporting at our upcoming award ceremony. Our annual Report Awards bring instant recognition and credibility to a company’s operations, increasingly being sought by all stakeholders. Mandatory and voluntary disclosures reflect the organisation’s commitment to transparency and demonstrate in detail how the organisation engages with all its stakeholders. In fact, we have received the highest-ever entries in our history this year, with 100 participants, which reflects the growing influence of superior financial reporting standards.”

The aim of the awards is to encourage effective communication to stakeholders through publication of informative annual reports; promoting effective presentation of financial and non-financial information; and compliance with legislative requirements and generally accepted accounting practices.

The winners are selected on their ability to communicate the objectives, highlights, performance, personnel and management clearly to an intended audience. The size, resources, complexity and sophistication of operation of each entrant will be considered in the judging process.

These awards provide a holistic view of an organisation’s performance, going beyond the company bottom-line.

By qualifying and quantifying the company’s performance, stakeholders get a deep insight into the company’s operations.

Moreover, the ICASL Annual Report Awards have been instrumental in inculcating financial reporting discipline in the corporate sector which makes these companies competitive in a global context.

The competition covers 22 sectors from small business categories such as NGOs, clubs, associations to large conglomerates. Approximately 80 awards will be presented under 25 categories.

“The annual reports are analysed in an exhaustive process which covers every aspect of how a company is discharging its corporate responsibility.  Further, the reports are evaluated against established criteria by eminent independent judges,” he adds.

Simply put, the annual report is the single-most salient publication a company produces and greatly influences a potential investor before an investment decision is made.

Apart from corporate governance, risk management and financial performance, a cohesive management discussion and analysis offers a 360-degree view of the company’s operations.

Moreover, by bringing out an annual report, a company can measure its levels of compliance with industry regulations and financial reporting principles as a whole.

Wickramasinghe also functions as the Chairman of the South Asian Federation of Chartered Accountants (SAFA) and points out that the winners of the ICASL Annual Report Awards 2011 are directly eligible for entry in the prestigious SAFA Annual Report Awards, rendering ICASL a gateway for companies to access the regional SAFA platform.

Wickramasinghe commented: “Traditionally, Sri Lankan companies walk away with many prestigious wards at the regional event. In 2010, 19 Sri Lankan companies won awards in various categories for their annual reports out of a total of 33 participants. This reflects the high standards that Sri Lankan annual reports are scaling within the region. Apart from being recognised on a public platform, the companies succeed in self-assessment of their financial reporting and receive a compliance certificate. These awards also provide a goalpost for companies to aspire towards. My wish is for companies from more diverse sectors to step up and bring out annual reports for enhanced governance and transparency, which benefits stakeholders of the company and eventually the nation!”