The Annual Report Awards 2011 organized by the Institute of Chartered Accountants (ICASL) got off the ground with registrations opening on 22nd August. "It is one of the most celebrated award ceremonies in the country that recognizes the excellence in a nnual financial reporting. Registrations will close on15th September 2011 and the most looked forward to Award Ceremony is planned for 9th December 2011 at Water’s Edge Battaramulla," the institute said in a press release.
Discussing annual report, the ICASL said a good annual report highlights background (of the company) stories effectively so that it creates an understanding amongst its readers about the organization, its values, its achievements as well as its contribution to the society. With growing interest over transparency, good governance, sustainability and social responsibility, an annual report is expected to provide a more holistic view of an organization’s performance, going beyond what is statutorily required. Organizations that adopt sound financial reporting practices, adhere to corporate governance codes and abide by industry norms, also contribute positively towards the stability of the country’s financial system. The objective of the Chartered Accountants’ Annual Report Awards competition is to encourage entities to meet these global expectations.
The competition covers 22 sectors from small business categories such as NGOs, clubs, associations to large conglomerates. There are 80 awards presented under 25 categories. The annual reports are evaluated against established criteria; that assess how successful each entrant has been in communicating their objectives, highlights, performance, management and personnel to the intended audience in a clear and concise manner.