Effective financial reporting plays a significant role in accelerating the economic growth of a country as the information provided through annual reports enables the management and other relevant stakeholders in taking various effective business, investment, regulatory decisions. The Institute of Chartered Accountants of India (ICAI) being premier accounting body and partner in Nation Building, had long back recognised that apart from establishing sound financial reporting system in the country, efforts need to be made to encourage the entities to achieve excellence in preparation and presentation of financial information. To achieve this objective, ICAI through its Research Committee has been organising the annual competition ‘ICAI Awards for Excellence in Financial Reporting’ since 1958.
Selection of winners in this competition goes through a robust Three-Tier evaluation process over a period of 4 months. Final process of selection involves review of recommendation of the Sheild Panel (comprising of Technical Experts) by a Jury Panel comprising eminent individuals with vast experience in Regulatory Authorities, Governance, Investor Analysis and Financial Reporting. This year’s Jury Panel was Chaired by Shri U K Sinha, Former Chairman, SEBI and other members included Shri Nilesh Shah, Capital and Investment Market Experts, CA.T V Mohandas Pai, Chairman Manipal Global Education and former Trustee IFRS Foundation.
This arduous task of recognizing excellence in financial reporting for the year 2017-18 culminated into presentation of Awards to the winners at a function organized today i.e. on February 2, 2019 at New Delhi. There were total 16 categories during this year’s competition. ICAI is proud to state that 2 new categories, namely, ‘Public Sector Entities’ and ‘Integrated Reporting’ were added keeping in view the new emerging trends in global reporting and evolving significance of new sector of entities in the Indian corporate world. This year there was a significant increase, about 25%, increase in the number of entities that participated in competition. Out of total 175 participants, 10 entities have been awarded( Annexure- 1).
Shri P.P. Bhatt, President, ITAT was the Chief Guest and give away the awards. The awards presentation ceremony was preceded by a technical workshop on observations of the Shield Panel arising out of their review of the entities which participated in the competition and a Technical Presentation on Integrated Reporting.
Also, on this occasion, the ICAI took an opportunity to felicitate the President, ITAT, Vice- President and Members of ITAT. The ICAI considers that Tax Departments of Government of India are an important users and consumers of high quality financial statements prepared by various entities; hence, they have natural interest in the initiatives taken to encourage the excellence in financial reporting.
Addressing the gathering, CA.Naveen N.D.Gupta, President, ICAI said ‘Our Institute has a critical and pivotal role in ensuring the nation has high quality financial reporting framework comparable to the best of breed in the world. In this context, the ICAI not only has uplifted our reporting framework to global standards by successfully implementing IFRS Converged Ind AS, but considers this annual competition of excellence in financial reporting as stepping stone for our corporates to enable level playing field in the global markets.”