CMA invites businesses for CMA Excellence in Integrated Reporting Awards 2023

The Institute of Certified Management Accountants of Sri Lanka (CMA) has invited all the Sri Lankan business institutions, including all public quoted companies, state-owned enterprises, private and small and medium enterprises (SMEs) to apply for the CMA Excellence in Integrated Reporting Awards 2023 competition, which is organised for the ninth consecutive year.

The awards ceremony will be held on October 06, 2023, under the distinguished patronage of International Federation of Accountants (IFAC) President Asmaa Resmouki. 

The primary purpose of an integrated report is to explain to providers of financial capital how an organisation creates, preserves or erodes value over time. An integrated report benefits all stakeholders interested in an organisation’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policymakers.  

The integrated reports are evaluated using guidelines applicable in the International <IR> Framework issued in December 2013 and revised in 2021 and now under the IFRS Foundation. The evaluation will take into account not only the accounting and financial information but also non-financial information provided in <IR>.

The closing dates for submission of applications are August 11, 2023, for the institutions that end the financial year on December 31, 2022, which include the banks and other institutions and August 11, 2023, for the institutions that end the financial year on March 31, 2023.

This year, CMA Excellence in Integrated Reporting Awards 2023 will have the CSE as the Supporting Partner, with Chairman Dilshan Wirasekara and CEO Rajiva Bandaranike recognising and appreciating the competition and efforts taken by the CMA Sri Lanka in propagating integrated reporting in Sri Lanka for public quoted companies, state institutions, the SME sector and others.

The panel of Judges will be chaired by Prof. Ho Yew Kee, Cluster Director, Business, Communication and Design, Co-Chairperson, AccTech Centre Advisory Committee, Singapore Institute of Technology (SIT) and former Professor in Accounting at National University of Singapore and will include other reputed judges local and international.

Integrated reporting in Sri Lanka has developed to a great extent and it is adopted by around 130 leading quoted companies and state banks in Sri Lanka, giving due recognition as a country that has successfully implemented integrated reporting on a voluntary basis. The first country to adopt integrated reporting for public quoted companies and make it mandatory was South Africa and more recently India.

This year, the CMA has expanded this competition to a wide range of business sectors and the categories of awards are: Overall Winner: Gold Award, First Runner-Up: Silver Award, Second Runner-Up: Bronze Award and Ten Best Integrated Reports.

Sector Awards: Banking, Finance and Leasing, Insurance, Food and Beverages/Supermarkets, Telecommunications, Apparel, Information Technology, Diversified Holdings, Manufacturing Industry, Trade and Commerce, Plantations, Construction, Healthcare, Hotels and Travels, Educational Institutes, Chambers of Commerce, Power/Electricity, Energy,  State-Owned Enterprises/Companies (Ownership of state over 51 percent), Government Sector (Ministries, Departments, Universities, Local Government and Provincial Councils, Non-Profit Statutory Boards), Non-Governmental Organisations (NGOs)/Not For Profit Organisations (NPOs) (other than those listed) and Small and Medium Enterprises: (a) Turnover below Rs.750 million, (b) below 250 employees.

Special Awards: Conciseness, Capitals, Materiality, Value Creation, Strategic Focus, Integrated Thinking, Diversity Reporting and Sustainability Reporting and Ten Merit Awards for companies meeting the criteria and standards in integrated reporting as decided by the panel of judges.

All applications should be received by August 11, 2023, for the financial years ended on December 31, 2022 and March 31, 2023.

For any further information, please contact Shashinika Senannayake on 0743213860 or [email protected]. Website: www.cma-srilanka.org.