The accountancy profession has a great deal to contribute to, and a key role to play in, enhancing organisational reporting. The profession has a long history of involvement in a number of key areas eg, developing and improving financial reporting processes and controls, and identifying, measuring, and reporting key financial and other informationthat are important to the development and implementation of organisational reporting frameworks that go beyond traditional financial reporting.
The Best Corporate & Sustainability Report (BCSR) Awards is an annual competition organised jointly by the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost & Management Accountants of Pakistan (ICMAP). The purpose of the Awards is to encourage the publication of timely, accurate, informative and well-presented annual reports for shareholders, stakeholders, employees and others who may have an interest in the performance and activities of the organisations in question and to recognise and honor the organisations for their exemplary achievement in producing such reports.
BCSR competition has contributed in enhancing the quality of reporting in Pakistan. The Criteria are regularly reviewed by the Evaluation Committee in order to be update, in line with international best practices.
BCR awards are offered in the following categories:
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1. Banking sector
2. NBFI sector
3. Chemical
4. Fuel & Energy
5. Engineering
6. Cement & Sugar
7. Textile
8. Mutual Funds
9. Others
10. Non-Profit Organisations
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Annual reports are adjudged in accordance with the Criteria through a transparent evaluation process, where marking is done by technical staff of both the Institutes, and the results are finalised by the Evaluation Committee. The judgement also takes note of the sufficiency and relevance of the contents the understandability and the manner in which information is presented.
Companies from amongst the BCR winners are nominated for South Asian Federation of Accountants (SAFA) Best Presented Accounts (BPA) awards annual competition. Last year sixteen companies were nominated for the SAFA BPA 2013 Awards competition. Fauji Fertiliser Company Limited and Arif Habib Corporation Limited were declared winners in the 'Manufacturing' and 'Financial Services' categories respectively. Four companies were declared Runners up and ten companies received merit certificates under their respective categories.
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