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‘CMA Excellence in Integrated Reporting Awards – 2023’

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The Institute of Certified Management Accountants of Sri Lanka (CMA) has invited all the Sri Lankan business institutions including all public quoted companies, state owned enterprises, private and small & medium enterprises to apply for the ‘CMA Excellence in Integrated Reporting Awards 2023’ competition which is organized for the 9th consecutive year.

The Colombo Stock Exchange is the Supporting Partner for the event. The awards ceremony will be held on October 6, 2023 with the President International Federation of Accountants (IFAC), Asmaa Resmouki as the chief guest.

The primary purpose of an integrated report is to explain to providers of financial capital how an organization creates, preserves or erodes value over time. An integrated report benefits all stakeholders interested in an organization’s ability to create value over time, including employees, customers, suppliers, business partners, local communities, legislators, regulators and policy-makers.

The integrated reports are evaluated using guidelines applicable in the International Framework issued in December 2013 and revised in 2021 and now under the IFRS Foundation. The evaluation will take into account not only the accounting and financial information, but also non-financial information provided.

The closing dates for submission of applications are:

August 11, 2023 – Institutions whose financial year ends on December 31, 2022 which includes Banks and other institutions and Institutions whose financial year ends on March 31, 2023.

This year the ‘CMA Excellence in Integrated Reporting Awards 2023’ will have the Colombo Stock Exchange as the Supporting Partner, with the Chairman Dilshan Wirasekera and Rajiva Bandaranike, CEO recognizing and appreciating the competition and efforts taken by CMA Sri Lanka in propagating Integrated Reporting in Sri Lanka for public quoted companies, state institutions, SME sector and others.

The panel of Judges will be chaired by Prof. Ho Yew Kee Cluster Director, Business, Communication and Design, Co-Chairperson, AccTech Centre Advisory Committee Singapore Institute of Technology (SIT) and former Professor in Accounting National University of Singapore and will include other reputed judges local and international.

Integrated Reporting in Sri Lanka has developed to a great extent and adopted by around 130 leading quoted companies and state banks in Sri Lanka giving due recognition as a country that has successfully implemented Integrated Reporting on a voluntary basis. The first country to adopt integrated reporting for public quoted companies and make it mandatory was South Africa and more recently in India.

This year CMA has expanded this competition to a wide range of business sectors and the categories of awards are:

Overall Winner: Gold Award; First Runner-up: Silver Award; Second Runner-up: Bronze Award.

Ten Best Integrated Reports. Sector Awards:

Banking, Finance & Leasing, Insurance, Food & Beverages/Super markets, Telecommunications, Apparel, Information Technology, Diversified Holdings, Manufacturing industry, Trade & Commerce, Plantations, Construction, Healthcare, Hotels & Travels, Educational Institutes, Chambers of Commerce, Power/Electricity, Energy, State Owned Enterprises/Companies (Ownership of state over 51%), Government Sector (Ministries, Departments, Universities, Local Government & Provincial Councils, Non-Profit Statutory Boards), Non-Governmental Organizations (NGOs)/Not for Profit Organizations (NPOs) (other than those listed), Small & Medium Enterprises (a) Turnover below LKR 750 million. (b) )Below 250 employees.

Special Awards:

Conciseness; Capitals; Materiality; Value Creation; Strategic Focus; Integrated Thinking; Diversity Reporting; Sustainability Reporting.

Ten Merit Awards for companies meeting the criteria and standards in Integrated reporting as decided by the panel of judges.

Further information could be obtained from irsecretariat@cma-srilanka.org, web site www.cma-srilanka.org

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