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Winners of ICAI 2019 awards for excellence

Posted on 04 February 2019,    
 5934    Share  Report

ICAI Awards for Excellence in Financial Reporting &

Felicitation Program of Income Tax Appellate Tribunal (ITAT) Dignitaries

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 gasenterprises)(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 gasenterprises)

(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


Disclaimer: The awardees have been selected by the panel of judges on review of accounting practices adopted by the participating enterprises in the preparation of their financial statements without regard to their financial condition and operating performance. Accordingly, the awards signify that the accounting policies followed by the concerned enterprise are the best amongst the enterprises that have participated in the Competition.

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