CIC recognised for excellence in financial reporting

Tuesday, 9 April 2013 00:00 - - {{hitsCtrl.values.hits}}

CIC Holdings PLC walked away with top honours in the Manufacturing Sector at the recently held Best Presented Annual Report (BPA) Awards, which are the regional awards organised by the South Asian Federation of Accountants (SAFA) to recognise excellence in presentation and disclosure of financial reporting.

The BPA Awards was hosted by the Institute of Chartered Accountants of Sri Lanka (CASL), one of the founding members of SAFA.

Published under the theme “Redwood in a Green Forest,” CIC’s awarded annual report maps out the company profile in the business landscape in Sri Lanka. Furthermore, the report features the company’s efforts in sustainably supporting local industry through their programmes and initiatives, a concept which is given increasing significance when evaluating the health of any organisation.

“We are extremely proud to have been recognised in the Manufacturing Sector at the annual SAFA BPA Awards,” said Samantha Ranatunga, Managing Director / CEO of CIC Holdings PLC. “The annual report is an indispensable element for any organisation when striving to achieve effective communication between its stakeholders, and we at CIC believe in fully transparent disclosure. I would like to thank the judges of the SAFA BPA Awards for duly recognising our efforts in this regard and bestowing on us the most prestigious award for financial reporting in South Asia.”

Conducted since 1996, the SAFA Best Presented Annual Report Awards judges the annual reports nominated by the respective accounting bodies in India, Pakistan, Bangladesh, Nepal and Sri Lanka. Each publication is then evaluated under the various business sectors based on the criteria outlined by SAFA’s Committee for Improvement in Transparency, Accountability and Governance in an annual report.

The South Asian Federation of Accountants is the apex body of the South Asian Association for Regional Co-operation (SAARC) and a regional grouping of the International Federation of Accountants (IFAC). It consists of the institutes of chartered accountants and the institutes of cost and management accountants in the SAARC countries who have worked together towards the objective of developing and improving the profession of accountancy within the region.