Applications for “CMA Excellence in Integrated Reporting Awards – 2023” close on 11 August

The Institute of Certified Management Accountants of Sri Lanka (CMA) is inviting all the Sri Lankan business institutions including all public quoted companies, state owned enterprises, private and, small and medium enterprises to apply for the “CMA Excellence in Integrated Reporting Awards 2023” competition which is organised for the 9th consecutive year. 

The closing dates for submission of applications are as follows: 11 August 2023 - Institutions whose financial year ends on 31 December 2022 which includes Banks and other institutions and institutions whose financial year ends on 31 March 2023.

The Colombo Stock Exchange is the Supporting Partner for the event. The awards ceremony will be held on 6 October under the distinguished patronage of the International Federation of Accountants (IFAC) President Asmaa Resmouki. 

The primary purpose of an integrated report is to explain to providers of financial capital how an organisation creates, preserves or erodes value over time. An integrated report benefits all stakeholders interested in an organisation’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers. 

The integrated reports are evaluated using guidelines applicable in the International <IR> Framework issued in December 2013 and revised in 2021 and now under the IFRS Foundation. The evaluation will take into account not only the accounting and financial information, but also non-financial information provided in <IR>.

This year the “CMA Excellence in Integrated Reporting Awards 2023” will have the Colombo Stock Exchange as the Supporting Partner, with the Chairman Dilshan Wirasekera and CEO Rajiva Bandaranike, recognising and appreciating the competition and efforts taken by CMA Sri Lanka in propagating integrated reporting in Sri Lanka for public quoted companies, state institutions, SME sector and others.

The panel of Judges will be chaired by Singapore Institute of Technology (SIT) AccTech Centre Advisory Committee Co-Chairperson, Business, Communication and Design Cluster Director and Accounting National University of Singapore former Professor Prof. Ho Yew Kee, and will include other reputed judges local and international.

Integrated reporting in Sri Lanka has developed to a great extent and adopted by around 130 leading quoted companies and state banks in Sri Lanka giving due recognition as a country that has successfully implemented Integrated Reporting on a voluntary basis. The first country to adopt integrated reporting for public quoted companies and make it mandatory was South Africa and more recently in India. 

This year CMA has expanded this competition to a wide range of business sectors and the categories of awards are as follows:

Overall Winner: Gold Award; First Runner-up: Silver Award; Second Runner-up: Bronze Award;

Ten Best Integrated Reports.

Sector Awards: Banking, Finance and Leasing, Insurance, Food and Beverages/Super markets, Telecommunications, Apparel, Information Technology, Diversified Holdings, Manufacturing industry, Trade and Commerce, Plantations, Construction, Healthcare, Hotels and Travels, Educational Institutes, Chambers of Commerce, Power/Electricity, Energy, State Owned Enterprises / Companies (Ownership of state over 51%), Government Sector (Ministries, Departments, Universities, Local Government and Provincial Councils, Non-Profit Statutory Boards), Non-Governmental Organisations (NGOs) / Not for Profit Organisations (NPOs) (other than those listed), Small and Medium Enterprises (a) Turnover below LKR 750 Mn. (b) ) Below 250 employees. 

Special Awards:

Conciseness; Capitals; Materiality; Value Creation; Strategic Focus; Integrated Thinking; Diversity Reporting; Sustainability Reporting.

Ten Merit Awards for companies meeting the criteria and standards in integrated reporting as decided by the panel of judges.

All applications should be received by 11August for the financial years that ended on 31 December 2022 and 31 March 2023.

For any further information, please contact Shashinika Senanayake, on 0743213860 or at [email protected] , web site www.cma-srilanka.org .