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Lanka Ratings Agency powers CA Sri Lanka’s golden jubilee Annual Report Awards

The golden jubilee anniversary of the Annual Report Awards competition organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) received renewed support for a third year straight from Lanka Ratings Agency Limited (LRA).

LRA, formerly known as RAM Ratings (Lanka) Limited will be the event sponsor once again at this year’s Annual Report Awards which rewards excellence in annual reporting.

Welcoming LRA onboard, Mr. Arjuna Herath, President of CA Sri Lanka, emphasized that securing the support of one of Sri Lanka’s leading credit rating agencies was indeed testament to the event’s stature which has over a period of 50 years enhanced the transparency, accountability and good governance among corporates in Sri Lanka.

“CA Sri Lanka is pleased to have onboard LRA for a third consecutive year to power out prestigious Annual Report Awards competition, which is undoubtedly one of the country’s most looked forward to corporate level events. Securing the support of LRA for three years straight also shows the event’s significance,” Mr. Herath said.

Mr. Herath also noted that CA Sri Lanka has been very focused in recognizing the corporates producing best annual reports that adhere to good principles and best practices which allows to create a more responsible and accountable corporate world ensuring sustainable growth of not only the corporate entities but the country as a whole.

Mr. Preethi Jayawardena, Chairman of LRA noted that with its affiliation with CRISIL India, a Standard & Poor’s Company, LRA is happy to be associated with CA Sri Lanka for its prestigious 50th anniversary celebrations of the Annual Reports Awards ceremony which enhances corporate governance standards in Sri Lanka.

Mr. Adrian Perera, Managing Director/CEO of LRA said, “We have been associating with CA Sri Lanka for the past two years,this is our third year in a row in our journey towards better corporate reporting culture which will help the capital market to be at par with developed countries.”

Registration for this year’s competition is currently open and awards will be presented under 23 categories which will include a main winner and two runners up under each category.

Mr. Tishan Subasinghe, Chairman of the Annual Report Awards Committee 2014 noted that the Annual Report Awards competition has been instrumental in shaping the quality of annual reporting of corporates to the highest standards, taking financial reporting to a whole new level in Sri Lanka. He disclosed that this year year's competition has updated the checklists to absorb new changes to the accounting standards, while some marks have been re-allocated in recognizing the importance of certain disclosure.