Colombo Stock Exchange supports CMA Excellence in Integrated Reporting Awards 2019

From left: CMA Senior Assistant Director – Education, Training and Research Jinandi Chandraratne, CMA CEO Damitha Narangoda, CMA Consultant Kosala Dissanayake, CMA President Prof. Lakshman R. Watawala, CSE CEO Rajeewa Bandaranaike, CSE Head of Finance and Administration Kusal Nissanka and CSE Head of Research and New Products Nishantha Hewavithana

CMA Sri Lanka has announced that the Colombo Stock Exchange (CSE) has tied up with the CMA Excellence in Integrated Reporting Awards 2019 competition as the Supporting Partner. 

CMA is organising the CMA Excellence in Integrated Reporting Awards 2019 for the fifth consecutive year to coincide with the CMA National Management Accounting Conference 2019 and Commonwealth Accountants Conference under the theme of ‘Sustainability Development Goals Agenda 2030 – The Role of Professional Accountants’.

Institute of Certified Management Accountants of Sri Lanka (CMA) which is the national professional management accounting institute in Sri Lanka incorporated by Act of Parliament No. 23 of 2019. This year CMA is celebrating its 20th anniversary. 

Currently CMA is a member of the International Federation of Accountants of Sri Lanka (IFAC), the global organization for professional accounting bodies, South Asian Federation of Accountants (SAFA) and the Confederation of Asian and Pacific Accountants (CAPA).

The Colombo Stock Exchange will be the Supporting Partner for the CMA Excellence in Integrated Reporting Awards 2019 showing the importance for quoted companies to prepare integrated reports. This will also assist companies in Achieving Sustainability through Integrated Reporting. It has also been found that companies adopting integrated reporting have recorded better performance and higher share prices in the long term. 

The Colombo Stock Exchange (CSE) has 297 companies representing 20 business sectors as at 31 December 2018, with a market capitalisation of Rs. 2,839.45 b. Public companies incorporated under the Companies Act No.7 of 2007 or any other statutory corporation, incorporated or established under the laws of Sri Lanka or established under the laws of any other state (subject to Exchange Control approval) are eligible to seek a listing on the Colombo Stock Exchange to raise debt or Equity. Companies desiring to be admitted to the official list of the Exchange and to secure a listing of their securities will be required to comply with the relevant provisions of the above act and the Securities & Exchange Commission Act No.36 of 1987 (as amended) and the Listing Rules of the Exchange.

Invitations were extended to Sri Lankan business institutions including public quoted companies, private and state owned enterprises, small and medium enterprises including 15 business sectors to apply for the awards on or before 12 July for companies closing accounts as at 31 March 2019 and for those with financial year ending 31 December 2018 has been extended up to 5 July 2019. CMA Excellence in Integrated reporting Awards has received International Recognition with the participation of Prof. Mervyn E. King, Chair Emeritus, International Integrated Reporting Council as the Key Note Speaker, message from the President of International Federation of Accountants (IFAC) Dr. In-Ki Joo and support from IIRC.

This is further strengthened by the international panel of judges who are experts on <IR> from UK, Singapore, South Africa, India and Sri Lanka supported by an eminent panel of evaluators. The evaluation will be carried out as per the Integrated Reporting framework issued by the International Integrated Reporting Council (IIRC). The Overall Awards including the 10 Best are granted to those who have excelled in Integrated Reporting and the sector awards will encourage all companies in different sectors to apply. The categories include listed companies, unlisted companies, banks, finance and leasing, insurance, manufacturing industry, trade and commerce, hotels and travels, plantations, healthcare, power and energy, diversified holdings, State Owned Enterprises, NGOs and NPOs, educational institutions and Small and Medium Enterprises (SME), Special Awards for the application of concepts of integrated reporting will further enhance the implementation of <IR> especially for public quoted companies. These include Integrated Thinking, Conciseness, Capitals, Materiality, Value Creation, Strategic Focus, SDG Reporting and Diversity Reporting. An award will also be presented for the Most Improved Integrated Report.

For any further information or clarifications, please contact Jinandi Chandraratne, on 011-2506391 (Ext. 154) or at [email protected].