ICASL annual reports competition soon underway

The Institute of Chartered Accountants of Sri Lanka (ICASL) is now in the process of evaluating the Annual Reports of companies for its 43rd Chartered Accountants Annual Report Awards Competition – 2007.

ICASL said globally, annual reports are expected to reflect not just the bottom lines of the organizations but their vision too, and should exemplify what they stand for as good corporate citizens. This year the competition also focuses on Management Commentary included in annual reports. “Businesses are no longer driven by physical assets and financial capital alone, but by intellectual assets and human capital. Therefore, reporting business performances need necessarily to go beyond financial numbers into compliance with accounting standards, legal requirements, governance, Corporate Social Responsibility (CSR), timeliness, clarity and consistency,” the institute said in a press release.

These awards, instituted by the ICASL, recognise and honour those organizations that have achieved excellence in reporting procedures. By winning this accolade, companies are placed on a platform of excellence that is on par with international standards. Past winners of these awards have gone on to compete successfully at the regional level counterpart – the South Asian Federation of Accountants best annual report awards. Past winners have included Commercial Bank, Hayleys and John Keells Holdings.