ICASL awards to encourage compliance in accounting standards

The participation of 75 of over 200 listed companies in the Chartered Accountants Annual Report Awards is a concern for the Institute of Chartered Accountants of Sri Lanka (ICASL), said President, ICASL, Nishan Fernando.

He was addressing a ceremony to launch the Annual Reports Awards of ICASL which will be held on November 27.

Fernando said the objectives of the awards are to encourage compliance with accounting standards, legal requirements, governance, corporate social responsibility, timeliness, clarity and consistency in presentation of information in the annual reports.

This year's presentation will consist of 22 awards in special categories with a winner and runner-up in each category.

The awards are open to any organisation that produces an annual report.

The entries range from large multinational companies to small community groups. Top awards will be for Excellence in Annual Financial Reporting, Corporate Governance Disclosures, Corporate Social Responsibility ad Management Commentary. "ICASL, Sri Lanka's premier national accounting body has been presenting awards for the past 44 years. In today's global economy transparency, social accountability and good governance of an organisation plays a pivotal role. The competition encourages institutions to meet global expectations", Fernando said.

ICASL was set up by an Act of Parliament in 1959. With over 25,000 registered students on roll the institute has 3500 members.

LF