The Institute of Certified Management Accountants of Sri Lanka (CMA) has organized the CMA Excellence in Integrated Reporting Awards which will be held to coincide with the Global Management Accounting Summit on the theme “Business Resilience through Integrated Reporting” from 27-29 July 2015 at Hotel Cinnamon Lakeside, Colombo.
The main objective of the Excellence in <IR> Awards is to promote Sri Lankan companies both listed and unlisted and state institutions to undertake integrated reporting and to enhance the quality of corporate reporting in the country which will be beneficial to investors and stakeholders. The integrated reports are evaluated by using guidelines applicable in the International <IR> framework issued in December 2013. The evaluation will take into account not only the accounting and financial information but also non-financial information provided in <IR>.
Integrated reporting is new to Sri Lanka and there are no legislative or other requirements for organizations to prepare integrated reports. Therefore organizations include the principles of integrated reporting in their annual reports on a voluntary basis. The annual reports currently produced by organizations will be reviewed for the purposes of the Award. The International <IR> Framework will be used as the basis for the mark plan. The <IR> Framework was published in December 2013 and therefore would have been available to organizations for the whole of 2014. However depending when the organization’s year end occurs, some organizations will have had more time to prepare their reports.
This is the first year that the Award is being presented and therefore the panel of judges will view the reports from a perspective of achieving the integrated principles and not on a compliance basis. Furthermore, integrated reporting will differ from organization to organization depending upon the industry and the material issues faced by the entity. History shows that implementation of integrated reporting is a journey and that it takes organizations some years to be able to produce high quality reports.
The reporting years for the different sectors will be as follows:
Banking and Insurance Sectors 31st December 2014
Other Sectors 31st March 2015
Awards will be presented to companies after evaluating their Integrated Reports for the 10 best integrated reports in addition, trophies will be presented to the company producing the best report, runner up and third place.
Certificates of Merit will be awarded to those companies fulfilling the criteria of Integrated Reporting.
The awards will be presented in Colombo at the inauguration of the Global Management Accounting Summit on 27th July 2015 in the distinguished presence of the President of the International Federation of Accountants Ms Olivia Kirtley.
We have also received support for the awards from South African experts where the Integrated Reporting has been made mandatory for all listed companies by SEC regulations. For the Global Summit on Integrated Reporting support has been received from the International Integrated Reporting Council (IIRC), Global Reporting Initiative (GRI) and International Management Accounting Institutes.
We are pleased to invite organizations to apply for the CMA Excellence in Integrated Reporting Awards 2015 and to send us their Annual Report on or before 20th June 2015 to CMA Head Office. Please obtain application form for further details.
For any further information contact Shanthi on
071-4705536 or e mail: email@example.com