The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) last week announced the commencement of the acceptance of applications for the prestigious TAGS Awards 2024, celebrating excellence in corporate reporting for the 59th year. A beacon of innovation and best practices in financial and non-financial reporting, the TAGS Awards will culminate in a grand ceremony on 12th December 2024 at the Shangri-La Hotel, Colombo.

The TAGS Awards, (which stand for Transparency, Accountability, Governance, and Sustainability), formerly known as the Annual Report Awards, held since 1964, continue their legacy in celebrating and recognizing organisations that excel in both financial and non-financial reporting. The competition is open to a wide range of entities, including multinationals, blue-chip companies, conglomerates, SMEs, NPOs, NGOs and other entities that produce annual reports.

“The Digital Edge – Enriching Corporate Reporting Excellence,” the theme for the 2024 TAGS Awards, underscores the transformative potential of AI and digital innovation in corporate reporting.

The official announcement was made at a press conference which was attended by CA Sri Lanka Vice President Tishan Subasinghe, Chairperson of the TAGS Awards Committee Chamila Cooray, and Alternate Chairperson of the TAGS Awards Committee Nishani Perera.

During the press conference, the Colombo Stock Exchange (CSE) officially joined as the Strategic Partner of the TAGS Awards 2024, in the presence of its Chief Executive Officer, Rajeeva Bandaranaike and Chairman, Dilshan Wirasekara.

The application period runs from 30th July 2024 to 31st August 2024. Eligible organisations include those producing annual reports for the financial year ending on 31st December 2023, or 31st March 2024. The competition will recognize companies across 29 industry sectors, plus a newly introduced category for non-listed companies with export revenue exceeding USD 50 million.

The top-performing annual reports will receive the prestigious OVERALL EXCELLENCE IN CORPORATE REPORTING awards – gold, silver, and bronze. Additionally, companies will be acknowledged in four special award categories: Corporate Governance Disclosure, Sustainability Reporting, Integrated Reporting, and Digital Transformation.

This year, an AI model supports the judging panel to increase the efficiency and the precision of the evaluation process. Please refer details by accessing www.ara.casrilanka.org.

The TAGS Compliance Badge, launched last year, will also be awarded to winners. It signifies an organization’s commitment to improving corporate reporting excellence. It can be viewed under company profiles www.cse.lk, promoting brand recognition and stakeholder engagement.

CA Sri Lanka Vice-President Tishan Subasinghe read out a statement by Heshana Kuruppu, President of CA Sri Lanka, that emphasized the strategic importance of corporate reporting, “In today’s data-driven world, corporate reporting transcends compliance, serving as a tool for communicating an organisation’s performance, impact, and vision. CA Sri Lanka remains committed to guiding businesses towards responsible practices that address broader societal and environmental impacts all while continuing to focus on digital innovation and transformation. From streamlining processes, to enhanced accuracy, and improved compliance, the financial world is embracing the AI revolution. It must be noted that corporates must be more mindful in establishing data ethics policies and IT governance frameworks to ensure responsible data management in finance reporting.