Applications now open for CMA Excellence in Integrated Reporting Awards 2020

Thursday, 17 September 2020 01:35 - - {{hitsCtrl.values.hits}}

The CMA Excellence in Integrated Reporting Awards competition is organised annually by the 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 2009.

The institution was initially established as the ‘Society of Certified Management Accountants of Sri Lanka’ in 1999 with the technical assistance of CMA Canada now CPA Canada and financial assistance from Canadian International Development Agency (CIDA) and, inaugurated on 3 June.

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

The purpose of the Excellence in Integrated Reporting Awards is to promote Sri Lankan companies both listed and unlisted and State-owned institutions/companies to undertake integrated reporting which will be beneficial to both investors and stakeholders.

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

in <IR>.

The application process for CMA Excellence in Integrated Reporting Awards 2020 is now open and the following dates are applicable for the submission of integrated reports.

18 September – Institutions whose financial year ends on 31st December 2019.

25 September – Institutions whose financial year ends on 31st March 2020.

The mark plan for judging integrated reports will be based on the Guiding Principles, Content Elements and Fundamental Concepts which appear in the International <IR> Framework issued by the International Integrated Reporting Council (IIRC) and special emphasis is given to the following criteria: Strategic focus and future orientation; Connectivity of information; Value creation and Reliability and completeness. The CMA Excellence in Integrated Reporting Awards – 2020 includes the following awards. Best <IR> Awards; Overall Winner – Gold Trophy; Overall 1st Runner up – Silver Trophy; Overall 2nd Runner up – Bronze Trophy and Certificates of Merit.

Sector Awards include: Banking, Finance & Leasing, Insurance, Diversified Holdings, State Owned Enterprises/Companies (Ownership of State over 51%), Small & Medium Enterprises (Turnover below Rs. 750 m), Non-Governmental Organisations (NGOs)/Not for Profit Organisations (NPOs)/Chambers of Commerce/Educational Institutes, Hotels and Travel, Plantations, Healthcare, Others (manufacturing, Trade & Commerce, Power & Energy.

Special Awards will also be granted for: Conciseness, Capitals, Materiality, Value Creation, Strategic Focus and Integrated Thinking.

Guidelines and application forms are given in the brochure and could be obtained by contacting the CMA <IR> Secretariat Ms Jinandi on 0771709688 or website www.cma-srilanka.org.