CA Sri Lanka’s 50th Annual Report Awards Competition receives record number of registrations
View(s):CA Sri Lanka’s Annual Report Awards Competition which celebrates its golden jubilee, has created history this year – recording the highest number of registrations since its existence.
A total of 130 organisations including leading blue chip companies, conglomerates to small time community groups are vying for the coveted awards this year which promote transparency and corporate governance, the institute said.
The winners will be announced at the grand finale at the 50th Annual Report Awards to be held on Tuesday.
“Over the past five decades, CA Sri Lanka has endeavoured to raise the bars of this annual competition, while ensuring all companies in Sri Lanka adhere to the strictest of international standards,” the institute release added.
Speaking on the importance of the event, President of CA Sri Lanka, Arjuna Herath pointed out that the annual report is a very important tool as it is the document that tells the story of what a company is doing.
He noted that the corporate world must realise it has a responsibility towards the society when they use the immunity of limited liability, which is a license to do business with the community or society with liability limited to only amounts invested as capital in the company, which means they are responsible and accountable to the community and society for their actions and owe a duty of care, to do business in an ethical and a sustainable manner, to avoid a cost to society.
“Therefore, we want this document to tell the correct story in a very concise manner and in a manner that it will be easily understood and provide an idea as to how the company will evolve and how effectively it is integrating with society and the environment,” he said.
Chairman of the Annual Report Awards Committee 2014, Tishan Subasinghe noted that the competition has been instrumental in shaping the quality of annual reporting of corporates to the highest standard, taking financial reporting to a whole new level in Sri Lanka.
“This year we have updated our checklists to absorb new changes to the accounting standards. Some marks have been re-allocated in recognising the importance of certain disclosures. Due recognition has been placed on certain mandatory and voluntary disclosures with respect to related party transactions and corporate governance disclosures in terms of allocation of marks,” he said.