CA Sri Lanka ties up with CSE for Annual Report Awards

By Sanath Nanayakkare

Registration is now open for the Annual Report Awards Competition organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in strategic partnership with the Colombo Stock Exchange (CSE), which the CA described as a move to promote the dissemination of correct financial information and good corporate governance in the interests of the whole country.

The 50th Golden Jubilee will be further boosted as Lanka Ratings Agency Limited will be coming onboard as the event sponsor.

The competition will honour and recognize corporate entities for their outstanding corporate governance and excellence in financial reporting.

Registration process for the competition will close on August 30, 2O14, and the Awards Night will be held on December 9.

As this year’s event marks the landmark 50th anniversary of the CA Annual Report Awards Competition, arrangements are being made to celebrate it in grandeur.

The Competition is open to any organization that produces an annual report; from multinational companies to small time community groups and small scale establishments.

Awards will be presented under 23 categories which will include a main winner and two runners up under each category.

Evaluation and judgment is passed according to established criteria which do not include the actual financial position or the actual financial / non—financial performance of a company.

The awards recognize and select winners based on their ability to effectively communicate their company’s objectives and highlight personal and management performance to a selected audience.

Arjuna Herath, president of CA Sri Lanka, speaking at the event said, "There is no doubt that the Annual Report Awards Competition has increased in stature and significance over the years, and the growing number of participants in this competition each year shows its significance."

He emphasized that last year, in comparison to previous years, the competition received its highest number of applications, which means more and more organizations understand the important elements of transparency and accountability.

"Public sector corporations and agencies would also follow international accounting standards in the future, and already, ten public bodies are receiving training in this sphere, Herath went on to reveal.

Chairman of the Annual Report Awards Committee Tishan Subasinghe said the Annual Report Awards Competition has been instrumental in shaping the quality of annual reports of corporates to the highest standard, taking financial reporting to a whole new level in Sri Lanka.

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