ICAI Awards for Excellence in Financial Reporting' - Invitation to participate in the Competition for the year 2017-18.
August, 27th 2018
Invita on to par cipate in the Compe on 2017-18
For Excellence In
Last Date for Receipt of Entries: 30th September, 2018
The Ins tute of Chartered Accountants of India
(Set up by an Act of Parliament)
elevance of effective nancial reporting in the economic development of a country has been widely
acknowledged, since annual reports help business leaders as well as analysts and investors in
taking effective decisions for the purpose of strategy, information and investment.
In response to how he became so successful in investing, Warren Buffett had answered: We read hundreds
and hundreds of annual reports every year. Annual reports that enclose a strong narrative accompanying the
relevant graphics and photographs, chronicle the activities of the past one year disseminating both
quantitative and qualitative information. These are often considered as the most reliable and complete
sources of nancial information about business entities, since it is the information that connects
stakeholders to the businesses.
This year too, to promote, recognise and encourage excellence in preparation and presentation of nancial
information, we have decided to hold annual competition and give Award in 16 categories through our
celebrated event called ICAI Awards for Excellence in Financial Reporting for the year 2017-18, (which
was rst held in 1958).
We extend a very warm welcome and an ardent invitation to all business entities that publish annual
reports, to participate in this annual competition of the Institute. Please note that your entry must reach us
by 30th September 2018.
CA. Naveen N. D. Gupta CA. Prafulla P. Chhajed CA. Sanjay Kumar Agarwal CA. Nandkishore C. Hegde
President Vice-President Chairman Vice-Chairman
ICAI ICAI Research Committee Research Committee
published annual report is the key communication with stakeholders
and a valuable source of information, both nancial as well as non-
nancial, about the entity concerned. An annual report is the primary To recognise
and most easily accessible mode for transmission of information about the
entity's performance during the year. Apart from being relatively easily and
accessible, an annual report contains the audited nancial information, which
creates public condence. Financial statements forming an integral part of an encourage
annual report aim to provide relevant information and help the executives in
taking sound economic decisions. Therefore, the entities that adopt the excellence in
philosophy of transparent disclosures need to be encouraged, appreciated and
cheered all the way. preparation
To institutionalise the philosophy of attaining excellence in nancial reporting
by an entity in public, private and voluntary sectors and local authorities, and and
to honour the entity for its contribution in enhancing the quality of information,
both nancial as well as non-nancial, the Institute of Chartered Accountants presentation
of India (ICAI) had instituted the Annual Award competition of ICAI Awards
for Excellence in Financial Reporting in the year 1958. The competition is of nancial
being held annually thereafter, wherein the entities are recognised for their
practice of excellence in nancial reporting. This prestigious competition aims information
to propagate that nancial reporting should be committed to the canons of
accountability, transparency, integrity, reliability, timeliness and social
Award Categories for the Competition ICAI Awards
for Excellence in Financial Reporting for the year 2017-18
Category I : Public Sector Banks
Category II : Private Sector Banks (including Foreign Banks)
Category III : Co-operative Sector Banks
Category IV : Life Insurance
Category V : Non-Life Insurance
Category VI : Financial Services Sector (other than Banking and Insurance)
Category VII : Manufacturing and Trading Sector (including entities engaged in processing, mining,
plantations, oil and gas enterprises) (turnover equal to ` 3000 crores or more)
Category VIII : Manufacturing and Trading Sector (including entities engaged in processing, mining,
plantations, oil and gas enterprises) (turnover equal to and between ` 500 crores and
` 3000 crores)
Category IX : Manufacturing and Trading Sector (including entities engaged in processing, mining,
plantations, oil and gas enterprises) (turnover less than ` 500 crores)
Category X : Service Sector (other than nancial services sector) (turnover equal to or more than ` 500
Category XI : Service Sector (other than nancial services sector) (turnover less than ` 500 crore)
Category XII : Not-for-Prot Sector
Category XIII : Infrastructure and Construction Sector (turnover equal to or more than ` 500 crore)
Category XIV : Infrastructure and Construction Sector (turnover
less than ` 500 crore)
Category XV : Public Sector Entities
Category XVI : Integrated Reporting
In case, when an organisation is engaged in more than one business, the
dominant source of revenue will determine the category to which the
organisation belongs. Turnover will be determined on the basis of the
standalone nancial accounts of the organisations.
H all of Fame to be awarded to an entity that has been winning the rst prize
under the same category continuously for the last ve years. One Gold Shield
and one Silver Shield to be awarded in each category for the best entry and the next
best entry respectively. Plaques to be awarded to the entities who are following
better nancial reporting practices amongst the enterprises after excluding the
entities who gets Hall of Fame, Gold Shield and Silver Shield.
Signicant Factors for Selection of Awardees
1. Compliance with Indian Accounting Standards case of listed companies, in preparation and
(Ind AS) issued by ICAI/Accounting Standards/ presentation of nancial statements.
and other requirements as per the Companies Act 3. Compliance with Guidance Notes and other
2013 and/or other applicable statutes. authoritative literature issued by the ICAI and
2. Compliance with the requirements of concerned other applicable institutional framework.
regulators e.g., RBI in case of banks and SEBI in 4. Comprehensiveness, adequacy, quality and
content of disclosures required under the relevant 10. The extent, nature and quality of non-nancial
Accounting Standards, Schedule III to the information presented in annual reports. The
Companies Act, 2013, concerned Regulators, following information is generally considered
Guidance Notes issued by ICAI, etc. relevant in this regard:
5. Clarity, adequacy and disclosure of accounting · Comprehensiveness and adequacy of
policies. management discussion and analysis -
6. The contents of quarterly results, in particular, the overview of the state of affairs of the Company
clarity and comprehensiveness of the notes including a general review of performance of the
explaining nancial results and variations, if any, entity as a whole and that of its divisions,
over quarters or between audited and unaudited activities of subsidiary/associates, nature of
results. risks associated with the activities, how these are
7. Statement of Value Added and its distribution addressed, future outlook.
amongst Government, Shareholders, employees · Description of various risks faced by various
and the enterprise. businesses of the Company as a whole and steps
8. Ratio Analysis with description of formulae and taken to priorities, mitigate and monitor
Explanatory Statements by Management with identied risks.
brief comparative analysis of performance of the · Description of the Company's policy relating to
entity. human resource engagement, training and
9. The nature and quality of nancial information development, including information on
presented in annual reports to enable informed measures taken by the company to meet its
decision making. The following are the generally obligations and responsibilities towards
applied key considerations: employees.
· Judicious use of schedules, proper cross · Corporate Social Responsibility - policy and
references to schedules, use of sub-totals, practice - information regarding policy of the
manner of showing comparative gures, ease of company relating to corporate social
references, use of rounding off parameters. responsibility and how it has been applied in
· Extent to which nancial information is presented practice including contribution to community
and analysed through charts, tables and graphs. developments projects etc.
· Extent of clarity, lucidity and comprehensiveness · Measures taken by the company towards
of the information contained in the results/ environment protection, sustainable
nancial statements from the view point of development and growth of the business as well
individual/small shareholders. as 4Ps bottom line reporting. 4Ps include Product,
· Additional information or measures like Prot, Planet, and People.
integrated reporting, human resource · Corporate governance policies, manner and
accounting, ination adjusted accounting, social extent of compliance.
responsibility accounting, etc.
How to Participate
1. There is no fee for participation in the competition.
2. Annual report relating to the nancial year ending on any day between 1st April 2017 and 31st March 2018
(both days included) is eligible for participation in this competition.
3. Decision of the Panel of Judges in the matter relating to the Competition will be nal.
4. An entity after getting awarded `Hall of Fame' may again participate in the competition only after three
years from the year of award.
5. Documents submitted by entities for the competition will not be utilised for any other purpose.
6. Entry Form should be duly lled and submitted with the requisite documents on or before 30th September
Research Committee, Technical Directorate For any further information
The Institute of Chartered Accountants of India please write to firstname.lastname@example.org or
ICAI Bhawan, Indraprastha Marg visit our website www.icai.org.
New Delhi 110 002 Ph.:-011 30110468 /456
Date of Publishing 20/08/2018