The Association of Public Finance Accountants of Sri Lanka (APFASL), the Public Sector Wing of the Institute of Chartered Accountants of Sri Lanka, has unveiled the winners of the eighth annual Best Annual Report & Accounts (BARA) awards.
The ceremony, which acknowledges excellence in financial reporting within Sri Lanka’s public sector, took place at the BMICH in Colombo.
This year’s BARA competition, which assessed financial accounts from 2023, saw 264 entries.
The awards are claimed to be instrumental in elevating the quality of public financial management in Sri Lanka, highlighting the dedication of public sector institutions to uphold transparency and accountability.
The event was attended by figures including Duminda Hulangamuwa, Ceylon Chamber of Commerce chairman and Economic Affairs senior advisor to Sri Lanka president, who served as the Chief Guest.
Other attendees were CA Sri Lanka President Heshana Kuruppu, vice president Tishan Subasinghe, and CEO Lakmali Priyangika.
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By GlobalDataDuminda 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 utilisation of public funds.”
Seven institutions were declared overall winners, receiving the highest honours across central government and provincial categories.
The University of Moratuwa clinched the gold award in the Central Government category for its financial reporting standards.
In the Local Government category, the Northern Provincial Council was awarded the top spot.
The competition included a total of 15 gold awards, 20 silver awards, and 16 bronze awards distributed among the participants.
Additionally, 207 entities were recognised for compliance, while 12 entities received acknowledgement for their participation.
Spanning 12 different categories, the competition evaluated entries from central and local government institutions.
The judging criteria focused on adherence to Ministry of Finance circulars for financial account preparation and presentation, as well as compliance with Sri Lanka Public Sector Accounting standards.
