Transparency in financial reporting

45th Chartered Accountants Annual Report Awards:

The Chartered Accountants Annual Report Awards presented by the Institute of Chartered Accountants of Sri Lanka (ICASL) will be held on November 25 at the Cinnamon Grand.

The Chief Guest will be Chairman of the International Accounting Standard Board Sir David Tweedie and the Guest of Honour will be a Board Member of the IASB Warren McGregor.

Recognising and honouring those organisations which have achieved excellence in annual reporting, the Annual Report Awards is a prestigious event and has been a much looked forward event in Sri Lanka's annual corporate calendar since 1964.

Chairman of the Annual Report Awards Committee Lasantha Wickremasinghe said, "Given the importance and responsibility for financial stability, the Annual Report Award Competition organised by the ICASL plays a vital role in increasing the excellence and awareness in reporting from year to year. The concern for the sustainability of a company is no longer limited to its shareholders but to all its stakeholders. The annual report is one of the most important sources of information which reflects whether the company is being managed on principles of transparency and good corporate governance which provides such comfort to stakeholders".

"The ICASL Annual Report Awards competition has become the pioneer in promoting transparency and good governance practices and recognising the companies on such reporting.

This also increases the importance of proper annual reports from companies, as it helps support their market value, boost investor confidence in the market, and create real quality growth driven by the private sector," he said. Twenty-two awards are presented in special categories, with a winner and runner-up in each category. The awards are open to every organisation that produces an annual report and attracts entries ranging from larger corporate entities to small community groups.

Among the top awards are those for 'Excellence in Annual Financial Reporting', 'Corporate Governance Disclosures', 'Corporate Social Responsibility' and 'Management Commentary'.

The panel of judges takes into account the size, complexity and sophistication of each entrant as well as the resources available. The Annual Reports are evaluated against established criteria. These, however, do not include the actual financial position or actual financial or non-financial performance of an organisation.

Winners are judged and selected on their ability to clearly communicate their objectives, highlights, performance, governance and social responsibility to the intended audience. All competitors go through an initial selection process by a team of senior Chartered Accountants.

Those short-listed are subsequently put through a much broader review by a panel of judges who are well respected in the industry and the society.

President of the ICASL Nishan Fernando said that as Sri Lanka's premier National Accounting Body, the ICASL has been proud to conduct these awards for the past 44 years.

"In the context of recession and financial down-turns in today's global economy, transparency, social accountability and good governance of an organisation do combine to play a pivotal role. This competition encourages organisations to meet these global expectations".