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ICAI highlighted the importance of the financial reporting and stressed that proper financial reporting is essential for a growing and vibrant economy.
December, 09th 2011

The Institute of Chartered Accountants of India (ICAI) jury met on Thursday (December 8, 2011) at ITC Grand Central, Lower Parel, Mumbai to finalise the ICAI Awards 2011 for Excellence in Financial Reporting 2010-11.
These awards are being given for more than 50 years since 1958. A jury meet, which was chaired by  A. K. Awasthi, Deputy Comptroller & Auditor General (CAG), was scheduled to choose the annual reports which had gone a mile extra in the preparation and presentation of annual reports with a view to promote excellence in the presentation of financial information by corporates, not-for-profit organisations and various local bodies.
On the occasion, CA G Ramaswamy, President, ICAI highlighted the importance of the financial reporting and stressed that proper financial reporting is essential for a growing and vibrant economy. Over the years, the annual report has played the role of a spokesperson projecting the enterprises persona and vision and it has changed from a plan statement to an increasingly glossy product containing charts and pictures design to have mass appeal, he said.
With a view to encourage the spirit of excellence in preparation and presentation of annual financial statements, the institute has been holding the competition ICAI Awards for excellence in financial reporting annually.
The jury meeting was chaired by Mr. A. K. Awasthi, Deputy Comptroller & Auditor General (CAG), and the jury was consisted of many luminaries including business tycoons and leaders spanning from different sectors.
The Jury members, who attended the meeting is:
A. K. Purwar, Chairman, India Venture Advisors Pvt. Ltd. and former Chairman, SBI
 B. A. Prabhakar, Executive Director, Bank of India
K. K. Maheshwari, Business Director, Pulp and Fibre Business, and Wholetime Director, Grasim Industries Ltd.
CA. Rakesh Jhunjhunwala, Leading Investor and Partner, RaRe Enterprises
CA. Vallabh Bhansali , Chairman, Enam Securities Ltd.
CA. V.K. Chopra, former SEBI member & former Chairman & Managing Director, Corporation Bank & SIDBI & former Executive Director, Oriental Bank of Commerce
 M. Ramaprasad, Member, (Non-Life), IRDA.
The selection process involves three-tier evaluation. The evaluation is carried out on the basis of a review of the periodic and annual report issued for the financial year ending on any day between 1st April, 2010 and 31st March, 2011 covering compliance with Accounting Standards and relevant applicable laws, corporate governance reporting, nature and manner of presentation of financial information. After the first level evaluation by the Technical Reviewers, these entries are further considered by the Shield Panel, a sub-committee of the Research Committee consisting of experts in the field of accounting and auditing and thereafter by an independent Jury.
This year the awards are being proposed under sixteen categories as follows:
Public Sector Banks

Private Banks (including Cooperative Banks)
Foreign Banks
Insurance Sector
Financial Services Sector (other than banking and insurance)
Manufacturing Sector (turnover equal to or more than 500 crore)
Manufacturing Sector (turnover less than 500 crore)
Infrastructure and Construction Sector (excluding power sector and ports)
(Turnover equal to or more than 500 crore)
Infrastructure and Construction Sector (excluding power sector and ports)
(Turnover less than 500 crore)
Service sector (other than financial services sector, transport, shipping and shipping/port allied services)
(Turn over equal to or more than 500 crore)
Service sector (other than financial services sector, transport, shipping and shipping/port allied services)
(Turnover less than 500 crore)
Transport, Shipping, Ports and Shipping/Ports allied Services
Power sector (includes generation, distribution, transmission, renewable energy etc.)
Not-for-Profit Sector
Local Bodies
Agricultural Sector (includes entities, engaged in direct agriculture, horticulture, tea and coffee, plantations, dairies, poultry, etc. But, excludes entities engaged in food processing etc, which will be covered in manufacturing sector).
The awards to be distributed in each category include Gold Shield, Silver Shield and a Plaque awarded for the first, second and third ranking entities respectively. Hall of fame is given to that entity which wins the gold Shield in the same category for five years consecutively. Infosys Ltd has been awarded the Hall of Fame in the past. The Panel reserves the right to present one or more awards in case more than one annual report is found equally competitive. The Panel may also decide not to recommend any award in a category if no Annual Report is found suitable for an award.

This year 222 entities participated across various categories.

The awards function to honour the awardees will be held on January 6, 2012 at Chennai as part of the International Conference at Chennai.

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