ICAI Awards for Excellence in Financial Reporting held today at New Delhi

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By K Ashwin Mobile: 09920183006 Email: indianshowbusiness@gmail.com

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.

 

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.”

 

ICAI Awards for Excellence in Financial Reporting for the competition for the year 2017-18

 

Category Award

 

Name of the Entity Annual Report and Accounts for the year ended
I Public Sector Banks Decided not to give any award in this category
II Private Sector Banks (including Foreign Banks) Decided not to give any award in this category
III Co-operative Sector Banks Decided not to give any award in this category

 

 

 

IV Life Insurance Gold Shield SBI Life Insurance Company Limited

 

March 31, 2018
Silver Shield HDFC Standard Life Insurance Company Limited

 

March 31, 2018
V Non-Life Insurance Silver Shield

 

 

 

 

HDFC ERGO General Insurance Company Limited March 31, 2018
VI Financial Services Sector (Other than Banking and Insurance) Decided not to give any award in this category

 

VII Manufacturing and Trading Sector (including entities engaged in processing, mining, plantations, oil and gas enterprises) (Turnover equal to Rs. 3000 crore or more)

 

Silver Shield Hindustan Unilever Limited March 31, 2018
Plaque for Commended Annual Report

 

ACC Limited December 31, 2017
VIII Manufacturing and Trading Sector (including entities engaged in processing, mining, plantations, oil and gas enterprises) (Turnover equal to and between  Rs. 500 crore and Rs. 3000 crore)

 

 

Silver Shield Carborundum Universal Limited March 31, 2018
IX Manufacturing and Trading Sector (including entities engaged in processing, mining, plantations, oil and gas enterprises)

(Turnover less than Rs. 500 crore)

Decided not to give any award in this category

 

X Service Sector (Other than financial services sector) (Turnover equal to or more than ₹ 500 crore) Silver Shield Mindtree Limited March 31, 2018
XI Service Sector (other than financial services sector) (Turnover less than ₹ 500 crore)

 

Decided not to give any award in this category

 

XII Not-for- Profit Sector Gold Shield The Akshaya Patra Foundation Limited

 

March 31, 2018
Silver Shield Indian Institute for Human Settlements (IIHS)

 

March 31, 2018
Plaque for Commended Annual Report

 

Vidya Dairy March 31, 2018
XIII Infrastructure and Construction Sector (Turnover equal to more than ₹ 500 crore) Decided not to give any award in this category

XIV Infrastructure and Construction Sector (Turnover less than ₹ 500 crore) Decided not to give any award in this category

XV Public Sector Entities Decided not to give any award in this category

 

XVI Integrated Reporting Decided not to give any award in this category

 

 

 

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