The Institute of Chartered Accountants of Sri Lanka (ICASL) said its annual reports awards to be held in November will be aimed at promoting greater transparency in financial reporting.

It said in a statement that 22 awards will be given at the awards ceremony to be held on November 25, 2009.

"The concern for the sustainability of a company is no longer limited to its shareholders but to all its stakeholders," ICASL’s Lasantha Wickremasinghe, chairman of the annual report awards committee, said.

"The annual report is one of the most important sources of information which reflects whether the company being managed on principles of transparency and good corporate governance which provides such comfort to stakeholders."

The ICASL annual report awards competition helps in promoting transparency and good governance practices and recognising the companies on such reporting.

"This also increases the importance of proper annual reports from companies, as it helps support their market value, boost investor confidence in the market, and create real quality growth driven by the private sector," he said.

The awards open to every organisation that produces an annual report and attracts entries ranging from larger corporate entities to small community groups.

Among the top awards are those for ‘Excellence in Annual Financial Reporting’, ‘Corporate Governance Disclosures’, ‘Corporate Social Responsibility’, and ‘Management Commentary’.

The panel of judges takes into account the size, complexity and sophistication of each entrant as well as the resources available, the statement said.

Winners are judged and selected on their ability to clearly communicate their objectives, highlights, performance, governance and social responsibility to the intended audience.