CA Sri Lanka kicks off registrations for 52nd Annual Report Competition!
A competition of this nature would help the country to get more investors and issuers to the Colombo bourse, as it improves the governance and accounting standards, Colombo Stock Exchange (CSE) Chairman Vajira Kulatilaka said at the announcement of 52nd Annual Report Awards Competition, which is to be held in December. He stressed the importance of becoming a regional hub and to encourage foreign companies to list on Sri Lanka’s capital market as more and more investors are now looking for governance and better accounting practices. In that sense he said an event like this could help to develop the local capital market to reach international standards.
The competition organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is open to any organisation including multinationals, conglomerates, small and medium enterprises (SMEs) or even a small-time community groups, it was noted. CA Sri Lanka President Lasantha Wickremasinghe said that taking the current context into consideration, this was a most warranted competition because it promotes transparency, accountability and good governance among the country’s diversified business sectors and honours the best annual reports. Noting that the country’s financial accounting framework is world-class, he said that the Annual Report Awards is an excellent platform for companies to show their commitment towards transparency, good governance and social responsibility. Therefore, he urged more and more companies to use this competition to enhance their standing through responsible financial reporting. The competition revolves around the theme ‘Precision exemplified’. Meanwhile, Wickremasinghe said that last year they reordered the highest number of entries and this year they are expecting around 150 applicants.
“An essential ingredient of a good financial report is accuracy, timely and comprehensive corporate disclosure. This not only helps foster the confidence of shareholders and investors of a company but also contributes to the building up of the company’s public image and reputation,” he elaborated. Further, as professionals and corporates, he said, they have an important responsibility in supporting the country’s objectives in achieving its development goals. “As a country at the threshold of renewed development, both economic as well as infrastructure wise, the corporate community has an important responsibility to function in a responsible, clear and transparent manner, which will have a multitude of long-term benefits not only for their respective companies but also for the country,” he said.
He said that they also have taken the necessary steps to further upgrade and revise the marketing scheme to ensure that the competition continues to be relevant in the current context and is also in line with the global standards. Meanwhile, elaborating on the evaluation process, Annual Report Awards Committee Chairman Sanjaya Bandara said it was carried out based on the established criteria at three rounds. He said that awards would be presented under 23 categories.
He added that the annual reports should include audited financial statements, comprehensive review of its operations and management discussion and analysis. This year too the CSE will be onboard as the strategic partner. The Annual Report Awards was launched in 1964 and is a pioneering initiative in helping Sri Lanka’s corporate sector to boost its transparency and accountability elements in financial reporting.