In a grand event held at the BMICH, Colombo, on December 4th, 2023, the Association of Public Finance Accountants of Sri Lanka (APFASL) showcased the pinnacle of financial reporting excellence in the public sector with the announcement of the winners for the seventh annual Best Annual Report & Accounts (BARA) awards competition.
This year's competition, based on the financial accounts of 2022, received an overwhelming response, with a record-breaking 238 entries. The BARA Awards, the flagship event organized by APFASL, aim to promote and uphold financial accounting and reporting standards in Sri Lanka, contributing to the enhancement of the overall quality of public financial management in the country.
The competition featured twelve categories covering both 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.
A total of 12 Gold, 17 Silver, and 12 Bronze awards were distributed among the participants. Additionally, 154 entities received "compliance" recognition, while 41 were acknowledged for their active "Participation" in the competition.
The coveted titles of overall winners were awarded to six outstanding institutions from both central government and provincial categories. The University of Sri Jayewardenepura claimed the gold award in the Central Government category, showcasing exceptional financial reporting practices. Meanwhile, the Southern Provincial Council emerged triumphant in the Local Government category, securing the top position.
The awards ceremony was graced by the presence of Mr. Niel Asoka Ranjith, Secretary to the Ministry of Public Administration, Home Affairs, Provincial Councils, and Local Government, who served as the chief guest. Addressing the gathering, Mr Ranjith 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 & accounts, as evaluated in this competition, plays a vital role in ensuring transparency and accountability in the utilization of public funds. Initiatives like the BARA competition aligns with our goals, and the participation of numerous institutions demonstrates a collective commitment to excellence."
Notable dignitaries in attendance included Mr Sujeewa Rajapakse – Chairman People’s Bank, Mr. Sanjaya Bandara, President of CA Sri Lanka, and Mr. V Kanagasabapathy, President of APFA Sri Lanka. The event drew over 400 invitees, representing the participating entities of this year's competition.
The BARA awards ceremony stands as a testament to the commitment of Sri Lanka's public sector institutions to uphold the highest standards of financial reporting, contributing to the transparency and accountability of public finances in the nation. Congratulations to all the winners for their outstanding achievements in the 2023 BARA Awards competition!
