The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), in its capacity as the sole authority to promulgate accounting and auditing standards in the country, unveiled the ‘Preparer’s Guide to Integrated Corporate Reporting,’ an illustrative implementation guide to facilitate corporates in the country to produce a more comprehensive integrated report.
The implementation guide, which incorporates relevant developments and emerging trends on integrated corporate reporting worldwide, was launched on 24th July 2015 in the presence of Chairman of the Securities and Exchange Commission Thilak Karunaratne, the chief guest and member of the UN Global Compact Board (UNGCB) Yaya W Junardy, guest of honor at the event.
President of CA Sri Lanka, Arjuna Herath said that the institute has always been mindful of local and global changes and trends, and have taken every step necessary to adopt with these changes to ensure corporate reporting in Sri Lanka remains both current and relevant.
He also disclosed that the guide issued by CA Sri Lanka incorporates principles enunciated by International Integrated Reporting Council, Global Reporting Initiative, and UN Global Compact, thereby providing a comprehensive framework for corporate reporting with greater transparency and accountability relevant to all stakeholders and society.
Chairman of the CA Sri Lanka Integrated Corporate Reporting Committee, Asite Talwatte emphasized that Integrated Reporting has gathered momentum, acceptance and adoption in many capital markets, with Sri Lanka too been an early adapter with several of large listed Corporates also adopting the International Integrated Reporting Council framework.
“CA Sri Lanka took the initiative to set up a Committee to deliberate the fundamentals of the framework in the Sri Lankan context, to set the foundation for a concise and yet comprehensive communication of how an organization’s value creation strategy, business model, performance, governance, risk management and outlook could be presented to demonstrate how value is created to capitals and stakeholders in the short, medium and longer term,” he noted.
Talwatte emphasized that the implementation guide by CA Sri Lanka recognizes co-existence of integrated reporting, sustainability reporting and financial reporting alongside strategy, governance and risk management to provide sustainable value and capital enhancement.
“Under these guidelines integrated reports will encompass the key performance indicators in an integrated, comprehensive, cohesive and concise manner. We expect this guide to take away the mystique of Integrated Reporting (IR) enabling a wider group of corporates to embark on this journey of inclusive, responsive, relevant and reliable corporate reporting,” he added.
Chief Strategy Officer of the International Integrated Reporting Council Labrey welcoming the publication of the guide by CA Sri Lanka said; “the IIRC very much hopes that this document will support and encourage business in Sri Lanka, as they begin the journey towards IR adoption. It is clear that the momentum towards the adoption of IR globally is building, and organizations such as CA Sri Lanka are crucial in offering practical tips, as businesses evolve their reporting to communicate a clear, concise, integrated story that explains how all of their resources are creating value.”
The launch ceremony also saw the participation of Vice President of CA Sri Lanka, Lasantha Wickremasinghe, CEO of CA Sri Lanka, Aruna Alwis as well as members of the corporate community.