The Institute of Chartered Accountants of India (ICAI) being premier accounting body and partner in Nation Building, had long back recognised that apart from establishing sound financial reporting system in the country, efforts need to be made to encourage the entities to achieve excellence in preparation and presentation of financial information.
Research is the hallmark of accountancy professional since formation of ICAI in the year 1949. ICAI shares useful research inputs to the government from time to time and many of its suggestions forms part of policy formation and changes. No doubt, research begins with our inherent desire to explore something new. At the same time Research is also related to development and enhancement of our knowledge which provides us requisite information needed for problem solving and decision making.
As a major thrust to the Accounting research, ICAI has initiated a number of projects to encourage research based activities in academia by keen researchers. In a multipronged approach, ICAI is fostering research based activities through scholarships and awards. In this direction, to recognise the research contribution in the areas of International and Societal importance encompassing subjects of Accounting, Auditing, Economics, Finance and Taxation, the ICAI for the first time this year instituted “ICAI International Research Awards 2020”. It is envisaged that over the period of the time, the research in these areas will provide valuable inputs to address many Environmental, Social and Corporate Government issues for decision makers towards Sustainability.
Also, Effective financial reporting plays a significant role in accelerating the economic growth of a country as the information provided through annual reports enables the management and other relevant stakeholders in taking various effective business, investment, regulatory decisions.
To achieve both the above objectives, the flagship event of ICAI i.e. Award Presentation Ceremony for “ICAI International Research Awards 2020” and “ICAI Awards for Excellence in Financial Reporting 2019-20” was organised on January 17, 2021. The annual competition ‘ICAI Awards for Excellence in Financial Reporting’ follows a rigorous and transparent ‘Three Tier’ process of review and selection of the winners.
The Jury for International research Awards was chaired by Dr. In-Ki Joo, Immediate Past President, International Federation of Accountants (IFAC) and other members of Jury Panel were the eminent individuals having international presence from five different continents. The list of Jury members is being enclosed at Annexure A.
A total of 92 Research Papers from ten different countries namely United States, Australia, South Africa, UAE, Netherland, Turkey, Oman, Bahrain, Nigeria and India were received. The Research Papers were reviewed with a strict two-tier process comprising a panel of Technical Reviewers being esteemed subject matter experts and International Jury comprising members from 5 different continents, being epitome of excellence and pillars of profession. A total of 15 Research papers were awarded out of which 3 papers have been awarded as Gold, 4 as Silver, 5 as Bronze and 3 Certificate of Appreciation under various categories. The list of awardees is being enclosed at Annexure B.
For ICAI Awards for Excellence in Financial Reporting 2019-20, the Gold Shield for Private Sector Banks category (including Foreign Banks) is awarded to HDFC Bank Limited, Gold Shield for Non-Life Insurance category is awarded to ICICI Lombard General Insurance Company Limited, for Infrastructure and Construction Sector (Turnover equal to or more than 500 crore) is awarded to The Tata Power Company Limited and TATA Power Delhi Distribution Ltd and for Integrated Reporting category to Mahindra & Mahindra Limited. The list of awardees is enclosed at Annexure C.
On the occasion, CA. Atul Kumar Gupta, President ICAI said “For the very first time in the history of Accountancy profession, “The International Research Awards 2020” has been launched which could be considered as the World’s Largest Cross Border Competition.”
CA. Nihar N Jambusaria, Vice-President, ICAI further added “The idea of taking the Research awards at international forums is in itself a pioneer initiative”.
Shri Arjun Ram Meghwal, Hon’ble Minister of State of Parliamentary Affairs, Heavy Industries and Public Enterprises was the Chief Guest of the event. The Guest of Honours were Dr. Anil Agrawal, Hon’ble Member of Parliament, Shri C.P. Shukla, Hon’ble Member of Legislative Assembly, CA. Raj Singh Gehlot, CMD, Ambience Group. The event was also graced by CA. Atul Kumar Gupta, President, CA. Nihar N Jambusaria, Vice-President, ICAI and all members of the Council.
The event was also virtually attended by Mr. Alan Johnson, President, International Federation of Accountants (IFAC) and Dr. In-Ki Joo, Immediate Past President, IFAC.
The event captured the legacy of the ‘ICAI Awards for Excellence in Financial Reporting’ which has been instituted way back in 1958. The ICAI established a mechanism and platform to recognize and reward the efforts put in by the entities in the preparation and presentation of financial information.