ICAI Awards for Excellence in Financial Reporting

ICAI Awards for Excellence in 

Financial Reporting 

by Suman Gupta 

With the objective to recognise and encourage excellence in preparation and presentation of financial information, the Institute of Chartered Accountants of India (ICAI) through its Research Committee, organizes the annual competition ‘ICAI Awards for Excellence in Financial Reporting’. This year, the function shall be organized on Feb 6, 2016 at Kolkata. Shri Tshering Kezang, Auditor General of Bhutan shall grace the occasion as Chief Guest and CA. K. Rahman Khan, Member of Parliament shall be the Guest of Honor.

For the competition this year i.e. 2014-15, a total number of 175 entries were received across the 13 categories in which the competition was held. A meticulous evaluation process is followed and unless the stringent criteria/minimum threshold norms are met, no entity is recommended for an award. The emphasis is on going beyond the normal reporting requirements. Thus, the awards are bestowed only upon those select few who have gone the extra mile in their financial reporting requirements. 

At the final level of evaluation process, the Jury selects the awardees for the year. A Jury Meet for selecting the awardees for the year 2014-15 was held on January 20, 2016 at Mumbai. The Jury was chaired by Shri M. Damodaran, Former Chairman, Securities and Exchange Board of India (SEBI). Other members of the Jury who attended the meeting are:

1.      CA. Amarjit Chopra, Chairman, National Advisory Committee on Accounting Standards (NACAS) & Past President ICAI

2.      CA. A. C. Chakrabortti , Past President, ICAI

3.      Shri Ashishkumar Chauhan, MD & CEO, Bombay Stock Exchange Limited

4.      CA. D. Sarkar, Former CMD, Union Bank of India

5.      Prof. Devi Singh, Former Director, Indian Institute of Management, Lucknow

6.      CA. N. Rangachary, Former Chairman, Central Board of Direct Taxes & Insurance Regulatory and Development Authority (IRDA)

7.      CA. Nilesh Shah, MD, Kotak Mahindra Asset Management Company Ltd.

8.      CA. Sushil Agarwal, Group Chief Financial Officer, Aditya Birla Group

9.      Shri Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank

This year a total of 12 awards i.e. one gold shield, 7 Silver Shields and 4 plaques would be given at the award function to be held on February 6, 2016 at Kolkata to honor the awardees.