CA Sri Lanka launches new Integrated Reporting Council
View(s):The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in a fresh initiative to further enhance best practices of financial reporting amongst corporates in the country, has launched the Integrated Reporting Council (IR Council), comprising professionals from the accounting and non-accounting sectors, regulators and academics. The inaugural meeting of the IR Council was held recently, under the patronage of CA Sri Lanka President Lasantha Wickremasinghe. Among the members who form the Integrated Reporting Council are members of CA Sri Lanka, representatives from universities, professional accounting bodies, regulators, and chambers as well as representatives from the companies that contested for the Integrated Reporting Award at the 51st Annual Report Awards competition held in 2015, the institute said in a media release.
“There is no doubt that in recent time, Integrated Reporting has taken increased importance in the context of creating corporate value and sustainability to organisations, and in ensuring Sri Lanka’s corporates are in line with these relevant trends, CA Sri Lanka in association with the International Integrated Reporting Council has taken the leadership in providing knowledge and insights on this important concept across Sri Lanka,” Mr. Wickremasinghe said, speaking at the meeting. He called on the members of the new council, to provide guidance on linking environmental, social and governance with financial information which will help create sustainable economic value to organisations across Sri Lanka.
Asite Talwatte, Chairman of the Integrated Reporting Council emphasised that while integrated reporting has gathered momentum, the concept is still at early days of development, even though in Sri Lanka some 38 corporates have already ventured into presenting integrated reports. Mr. Talwatte also disclosed that even the International Integrated Reporting was very keen that Sri Lanka sets up it’s own IR Council of which the primary objective is to promote, enhance knowledge and develop the sustainability of integrated reporting in Sri Lanka.
CEO CA Sri Lanka, Aruna Alwis noted that CA Sri Lanka has paid special focus in educating organisations on the importance of the integrated reporting concept in recent years. “Last year we also launched the ‘Preparer’s Guide to Integrated Corporate Reporting’ for the benefit of the corporate community to help them produce a more comprehensive integrated report,” Mr. Alwis said. The main purpose of the IR Council is to establish a platform to network people who are interested in the concept of integrated reporting and who have an interest implementing it in their corporate reports.