It promotes transparency in financial reporting while enhancing reporting standards in line with best global practices.
This 47th Annual Report Awards recognise excellence in annual financial reporting while encouraging communication to stakeholders through the
publication of informative annual reports and promoting effective presentation of financial and non-financial information. Among the awards competition’s other objectives is the encouragement of compliance with legislative requirements and generally accepted accounting practices.
CA Sri Lanka President Sujeewa Mudalige noted that an essential ingredient for a healthy financial system and a robust capital market is good corporate reporting which is accurate, timely and comprehensive corporate disclosure, which not only helps to cultivate stakeholder and investor confidence, but also contributes to the building up of the company’s good public image and reputation.
“No one can ignore the importance of quality financial reporting because people make decisions based on financial information and therefore the Annual Report Awards is not only a competition but a platform which encourages transparency, accuracy and best practices,” he said.
Annual Report Awards Committee Chairman Lasantha Wickremasinghe emphasized that this competition helps improve transparency in reporting and also enhances reporting standards in line with best global practices.
“CASL endeavours to upgrade the competition yearly by regularly updating the marking schemes to be on par with global business sector developments and as the sole authority in promulgating accounting standards, we consider it our responsibility to ensure that companies in SriLanka adhere to such standards and thereby help the national economy’s stability,” he said.
Following a selection process comprising a technical marking process, industrial marking and the final marking by a judges panel, winners will be selected as per the score they have received and the final decision will be announced on Friday.
This year’s competition will see awards being presented under 25 special categories with a total of 80 winners. Winners will be selected on their ability to communicate the objectives of the competition to an “intended” audience.