A new era for financial reporting

Friday, 7 December 2012 00:18 - - {{hitsCtrl.values.hits}}

By Rashika Fazali

Stealing the spotlight at the 48th Annual Report Awards organised by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Wednesday (5) was John Keels Holdings PLC who won the gold award for Overall Excellence in the Annual Financial Reporting category.

Addressing the gathering, JKH Director Ronnie Peiris said, “JKH has placed great focus on accountability and deliverance. We do walk the talk, but we also carefully watch what we talk.” He added, “We have the best team in Sri Lanka and we are greatly humbled for receiving this award.”

The silver award for Overall Excellence in the Annual Financial Reporting category was snapped up by Union Assurance PLC while joint winners, Commercial Bank of Ceylon PLC and HNC Assurance PLC, received the bronze award.

Speaking at the award ceremony held at Waters Edge, Chief Guest Central Bank Governor Ajith Nivard Cabraal, stated, “I have seen the amount of effort that has been put in by all of you to improve our own standard of reporting. “That to me shows a very keen interest in developing the overall commercial excellence in our country and I believe the way that Sri Lanka is recognised today worldwide by many countries as a nation which has sound accounting principles being applied, good auditing practices being applied as well as very good corporate governance practices being practiced, is indeed a very important asset to be highlighted in all our activities.”

CA Sri Lanka President Sujeewa Rajapakse noted, “Transparency, accountability and sound management continues to build market confidence and it is the responsibility of both the ruling administrations and businesses to meet these expectations. Therefore, the annual reports awards competition I believe is an important catalyst in ensuring that these expectations are met at a corporate level.”

He further added, “This year was a significant year for both Sri Lanka corporates and the institute as we converted to the international financial reporting standards in January this year, joining over 100 other countries in adapting and enabling a common global language in financial reporting. This was an important achievement for us and every effort has been taken to ensure that all business organisations strive to follow the convergence.”

Rajapakse also noted that guidelines should be followed and that ethics need to be upgraded further, adding, “The annual report awards help you with just that as it does not only promotes transparency and accountability financial reporting, but also helps organisations maintain the required international set principles which should be adhered.”Annual Report Awards Committee Chairman Tishan Subasinghe noted that annual reporting is important in gaining peoples’ trust, stating, “People trust annual reports, before they trust companies.” He also noted that in the history of annual reporting in Sri Lanka, this year saw the highest number of applications with 124 in comparison to last year’s 98 applications. At this year’s awards, 129 awards and certificates were awarded to the winning organisations. 64 awards consisting of gold, silver and bronze awards.

Pix by Upul Abayasekara