Thursday Nov 28, 2024
Thursday Nov 28, 2024
Wednesday, 17 December 2014 00:00 - - {{hitsCtrl.values.hits}}
IPM Sri Lanka Secretary Shanaka Fernando and Director Finance and Administration P.G. Tennakoon receiving the award from the officials of SAFA, at the Award Ceremony held on 4 December 2014 at Hotel Mayfair, Bhubaneswar, India
This annual report also won the prestigious Gold Award under ‘SME Category’ at the Annual Report Awards 2013, conducted by the Institute of Chartered Accountants of Sri Lanka. It is noteworthy that it was the first time IPM Sri Lanka participated in competitions of this nature in its 55 years service to the nation.
SAFA formed in the year 1984 is the apex professional body of accountants in the SAARC region having representation of accounting bodies of India, Pakistan, Bangladesh, Nepal, Maldives and Sri Lanka. SAFA awards commenced in 1996 intended to enhance good governance, transparent financial reporting with adequate disclosures complying with accounting and financial reporting/auditing standards to meet stakeholder expectations following professional ethics.
Award winners are selected applying stringent criteria by an eminent panel of judges for presentation and disclosure of objectively comparable high quality, relevant, reliable financial statements based on International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).
An award for the Corporate Governance Disclosure was included from the year 2005 with the intention of promoting good governance in corporate bodies. The criteria for corporate governance disclosures include clear and comprehensive disclosures in annual reports on the duties of and responsibilities of Directors, the structure and responsibilities of Audit Committees, compliance with relevant laws and regulations, commitment to employees and responsibility to the society.
Rohitha Amarapala, President of IPM Sri Lanka commenting on the award stated that the institute is honoured by the recognition by SAFA which is testament and encouragement to IPM’s commitment on transparent reporting and good governance.
IPM plays a significant role to uplift knowledge in Human Resources on a national scale in all disciplines, and brings trust and experience garnered over a period of over 50 years. This is well reflected by winning this award as well as the numerous other accolades for quality such as the National Productivity Award, ISO 9001:2008 Award, 5S Merit Award for 2012 bestowed upon them at the Taiki Akimoto 5S Awards Competition for successfully implementing the internationally accepted 5S safety standard. IPM was also recently laurelled in the prestigious LMD 2014 ‘Most Respected Entities list’ as the Most Respected Education Entity.
