Sri Lanka’s financial reporting standards have improved remarkably over the years to be in par with global standards, said CA Sri Lanka President Heshana Kuruppu.
At the media briefing to mark the launch of the 60th TAGS Awards 2025 by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) last week in Colombo, he said Sri Lanka’s financial reporting standards exceeds regional standards and are considered benchmarks for excellence in corporate reporting.
CA Sri Lanka officials said that though there is no mechanism for continuous assessment the Environmental, Social and Governance (ESG) obligations of corporates they are given priority in the evaluation for awards.
On the theme “Diamond Chapter: The Grand Honour of Excellence”, this year’s competition reflects six decades of unwavering commitment in exemplifying Transparency, Accountability, Governance, and Sustainability (TAGS) in corporate reporting among Sri Lankan organisations, including multinationals, conglomerates, and SMEs, for their continued efforts to uphold the highest standards in both financial and non-financial reporting.
A highlight of the press conference was the unveiling of the TAGS Awards 2025 logo, especially designed to mark the 60th anniversary. The logo symbolises strength, precision, and enduring value, much like a diamond. Held annually, the TAGS Awards have evolved into Sri Lanka’s most prestigious benchmark for excellence in corporate reporting.
The 2025 edition carries special significance as it commemorates CA Sri Lanka’s long-standing commitment to advancing good governance, financial stewardship, and innovation in reporting standards across all sectors.
Kuruppu said, “The Diamond Chapter of the TAGS Awards 2025 marks 60 years of unwavering commitment to advancing excellence in corporate reporting. As CA Sri Lanka enters a new era, having celebrated 65 years of service to the nation last year, we take pride in our leadership role in shaping the corporate sector, supporting capital market development, and contributing to vital areas such as taxation reform and sustainability.” Applications for the TAGS Awards 2025 close on August 15. Organisations can submit their applications either online or via paper-based forms. Further details and access to the application portal are available at: tags.casrilanka.com. “As we embrace digital transformation and integrate technologies such as artificial intelligence, we are committed to driving the next phase of innovation and resilience in corporate reporting,” Kuruppu said.
Chairperson of TAGS Awards Committee Ms. Cooray said, “As we celebrate the 60th anniversary of the TAGS Awards, it is not merely a celebration of the past, but a call to the future, a reaffirmation of CA Sri Lanka’s ongoing commitment to integrity and innovation in corporate disclosure.” Eligibility for the TAGS Awards 2025 is open to any listed or non-listed company, not-for-profit organisation (NPO), Non-Governmental Organisation (NGO), or small and medium-sized enterprise (SME) that publishes an annual report containing audited financial statements. Non-listed export companies with revenue exceeding USD 50 million may apply for the Sustainability and Governance Awards even if they do not publish an annual report with audited financial statements.
To be awarded the TAGS Compliance Certificate and Compliant Badge, applicants must meet the minimum requirements outlined in the TAGS marking criteria, which serve as the benchmark for transparency, accuracy, and completeness in corporate reporting.
The Overall Excellence in Corporate Reporting Award will remain the premier accolade of the TAGS Awards 2025, recognising the highest standard of reporting across all sectors.
Thirty-five sector awards and five special awards, namely, Corporate Governance Disclosure – Financial Services and Non-Financial Services, Sustainability Reporting, Integrated Reporting, and Digitally Transformative Reporting, will be presented at this year’s competition.
Among the key updates this year is the introduction of a new category titled “Other Financial Institutions Not Specifically Stated in Any Other Category”, designed to better reflect the diversity of financial entities. The manufacturing sector has been restructured into three distinct turnover-based groups to permit for more equitable assessment across varying scales of operation.
Categories such as “Construction & Related Services” and “Telecommunication & Platform (Digital) Companies” have also been renamed and refined to align with evolving industry landscapes.
This year’s competition will place particular emphasis on recognising reports that highlight sustainability practices, digital transformation, and innovative approaches in corporate reporting. A robust three-tiered evaluation process will once again be followed this year, comprising a technical marking process, industry expert assessments, and a final panel of judges. The competition will also use Artificial Intelligence for the second consecutive year.
The grand finale of the TAGS Awards 2025 will be held on December 9 at Shangri-La Colombo.
