CMA Excellence in Integrated Reporting Awards 2016

The Institute of Certified Management Accountants of Sri Lanka (CMA) has organised the CMA Excellence in Integrated Reporting Awards 2016 for the second year.

The competition will include the following: Banks and Insurance Companies – Annual Reports up to 31 December 2015 and Other companies Quoted and Unquoted – Annual Reports up to 31 March 2016. The closing dates for applications will be as follows: Banks and Insurance Companies – 30 May 2016 and Others – 10 June 2016. 

The awards will be presented at the inauguration ceremony of the CMA National Management Accounting Conference on 11 July at Cinnamon Lakeside, Colombo. The awards presented will be as follows: 10 Excellence in IR Awards; Overall Winner – Gold Trophy; Overall 1st Runner- up – Silver Trophy; Overall 2nd Runner- up – Bronze Trophy; Award for Most Concise Report and Certificates of Merit.

The purpose of the Excellence in IR Awards is to promote Sri Lankan companies, State corporations, banks and insurance companies especially those listed, unlisted and state institutions to undertake Integrated Reporting which will be of immense benefit to investors and stakeholders. 

The International Integrated Reporting Council (IIRC) the world body has issued the IR framework in December 2013. The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting.

Integrated Reporting in South Africa is mandatory for all listed companies to comply with the Integrated Reporting Framework in the preparation of Annual Reports. CMA has made available two publications: ‘Preparing an Integrated Report – A Starter’s Guide’ by Integrated Reporting Committee (IRC) of South Africa and ‘Integrated Thinking – An Exploratory Survey’ by the South Africa Institute of Chartered Accountants.

CMA is thankful to both SAICA and IRC South Africa for making available these two publications for promoting the preparation of integrated reports.  

The Integrated Reporting Committee South Africa formed in 2010 is an independent body and is chaired by Prof. Mervyn King and its objectives are to develop and promote guidance on good practices in IR in South Africa. Last year we had the former Technical Director of CA South Africa and currently an ambassador for IIRC Graham Terry who spoke on Integrated Thinking and was Chairman of the SAICA committee that published a booklet on Integrated Thinking which CMA has made available to companies that participated at last year’s IR Awards with the compliments of SAICA the South African Institute of Chartered Accountants. The other publication available with CMA for Sri Lankan companies is ‘A Starters Guide on IR’ with the compliments of Integrated Reporting Committee South Africa. Those companies and individuals interested in obtaining these publications could contact the CMA IR secretariat.

The Integrated Reporting Awards evaluation will consist of a Technical Evaluation Panel and the final selection will be done by a panel of judges both foreign and local and the selection of the panel of judges will be final and binding on all participants. The foreign judges will be experts in IR from South Africa, Singapore and India.

The Mark Plan for judging companies will be based on the Guiding Principles, Content Elements and Fundamental Concepts which appear in the IR Framework.  

The CMA Conference will have a special technical session on Integrated Reporting where the keynote address will be made by Mark Graham Associate Professor, Head – College of Accounting University of Cape Town, South Africa followed with a panel discussion on the practical aspects of IR consisting of eminent local and foreign experts. We will also have the participation of the IIRC representative at the sessions and the IR Awards.

For further details please contact CMA IR Secretariat Jinandi Chandraratne on 0112-506391/0112507087 (Ext: 154) or at [email protected].

Website for applications and details of awards is www.cma-srilanka.org.