The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), showcased the pinnacle of financial reporting excellence in the public sector at the eighth annual Best Annual Report and Accounts (BARA) awards at the BMICH, on December 2.
This year’s BARA competition, evaluating financial accounts from 2023, received 264 entries.
Chairman of the Ceylon Chamber of Commerce, Duminda Hulangamuwa was the chief guest. President of CA Sri Lanka, Heshana Kuruppu, Vice President of CA Sri Lanka, Tishan Subasinghe and CEO of CA Sri Lanka, Ms. Lakmali Priyangika were also present.
The titles of overall winners were awarded to seven institutions from the central government and provincial categories.
Attendees at the BARA Awards 2024
The University of Moratuwa won the gold award in the Central Government category, showcasing exceptional financial reporting practices. The Northern Provincial Council emerged triumphant in the Local Government category, securing the top position.
Fifteen gold awards, 20 silver awards, and 16 bronze awards were won among the competing public sector organisations. Around 207 entities received “compliance” recognition, while 12 entities were acknowledged for their active “participation” in the competition.
The competition featured twelve categories covering central government and local government institutions. Evaluation criteria included adherence to Ministry of Finance circulars related to financial account preparation and presentation, as well as compliance with Sri Lanka Public Sector Accounting standards.
The Chief guest Duminda Hulangamuwa said, “The public sector is a crucial driver of national development. The Government is fully committed to ensuring the highest standards of public financial management. Financial transparency is the cornerstone of good governance. The meticulous preparation and presentation of annual reports and accounts, as evaluated in this competition, plays a vital role in ensuring transparency and accountability in the use of public funds.”
CA Sri Lanka President Heshana Kuruppu said, “The BARA competition underscores CA Sri Lanka’s collective commitment to financial transparency and accountability, which are vital for good governance and national development. At CA Sri Lanka, we are proud to support initiatives that elevate public sector financial reporting standards, fostering trust and professionalism.”
