CMA Excellence in Integrated Reporting Awards 2016 on 11 July

The Institute of Certified Management Accountants of Sri Lanka (CMA) has organised the CMA Excellence in Integrated Reporting Awards 2016 for the second year and will include Banks and Insurance Companies – Annual Reports up to 31 December 2015 and Other Companies Quoted and Unquoted – Annual Reports up to 31 March 2016.

The awards will be presented by Minister of Industry and Commerce Rishad Bathiudeen while Prof. Graham Mark will present the report of the panel of judges. 

Most of the companies who are having their Annual General Meetings on or before 30 June have applied for the competition. 

The awards will be presented at the inauguration of the CMA National Management Accounting Conference on 11 July 2016. The awards will include the following:

1.    10 Best ‘Excellence in <IR> Awards’

2.    Overall Winner – Gold Trophy

3.    Overall 1st Runner up – Silver Trophy

4.    Overall 2nd Runner up – Bronze Trophy. 

5.    Award for Most Concise Report

6.    Certificates of Merit   

The purpose of the Excellence in <IR> Awards is to promote Sri Lankan companies, banks, finance and insurance companies especially those listed, unlisted and state owned enterprises to undertake Integrated Reporting which will be of immense benefit to investors and stakeholders. 

The International Integrated Reporting Council (IIRC) the world body has issued the <IR> framework in December 2013. The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting.

Integrated Reporting in South Africa is mandatory for all listed companies to comply with the Integrated Reporting Framework in the preparation of Annual Reports. CMA has made available two publications one on Integrated Thinking issued by South African Institute of Chartered Accountants and the other one on ‘A  Starters Guide on Preparing an <IR>’ issued by the Integrated Reporting Committee (IRC) of South Africa. CMA are grateful to both SAICA and IRC South Africa for making available these two publications for promoting the preparation of Integrated reports among Sri Lankan companies. 

The panel of judges will include Prof. Mark Graham the Head of the College of Accounting at the University of Cape Town who is the chairman of the adjudication committee of the EY Excellence in Integrated Reporting Awards in South Africa. The others in the Panel of Judges are Prof. Ho Yew Kee Head Department of Accounting National University of Singapore, Prof. Samanthi Senaratna Professor Department of Accounting University of Sri Jayewardenepura, A.N. Raman Past President SAFA, Former Member of PAIB Committee IFAC, Dinesh Weerakkody Advisor – Ministry of National Policies and Economic Affairs and Chairman National Human Resource Council of Sri Lanka. 

The Integrated Reporting Committee South Africa formed in 2010 is an independent body and is chaired by Prof. Mervyn King and its objectives are to develop and promote guidance on good practices in <IR> in South Africa. CMA Sri Lanka will promote the setting up of an Integrated Reporting Committee similar to that of South Africa and this will be an independent body having the regulators, professional bodies and companies. 

The Excellence in Integrated Reporting Awards will be evaluated by a Technical Evaluation Panel and the final selection will be done by a panel of Judges both foreign and local and the selection of the panel of judges will be final and binding on all participants. The foreign judges will be experts in <IR> from South Africa, Singapore, India and Sri Lanka.  The Mark Plan for judging companies will be based on the Guiding Principles, Content Elements and Fundamental Capitals which appear in the <IR> Framework.  

The CMA national Management Accounting Conference on 11, 12 and 13 July will have a special technical session on Integrated Reporting where the keynote address will be made by Prof. Mark Graham Associate Professor, Head – College of Accounting University of Cape Town, South Africa. There will be a panel discussion on the practical aspects of <IR> thereafter consisting of eminent local and foreign experts. The session will be chaired by Asite Talwatte Former Senior Partner of Ernst & Young.   

For details for registration for the conference please contact Shanthi on 071 4705536 or email: [email protected].