REC Limited, recognized for its commitment to financial excellence, has won the prestigious ICAI Award for Excellence in Financial Reporting for the financial year 2023-24. This accolade, announced at the World Forum of Accountants (WOFA) event organized by the Institute of Chartered Accountants of India (ICAI) in New Delhi, marks another milestone for the Maharatna firm, which operates under the administrative control of the Ministry of Power.
The company received the coveted ‘Gold Shield’ under the Financial Services Sector category, standing out among peers. The exchange filing detailing this honor stated, "This is to inform you REC Limited has been awarded ‘Gold Shield’ under the Financial Services Sector (Other than Banking and Insurance) category of ‘The Institute of Chartered Accountants of India (ICAI) Awards for Excellence...’" The announcement underscored the significance of this achievement.
This recognition serves as a reflection of REC Limited’s unwavering pursuit of excellence, transparency, and adherence to the highest standards of accounting practices. According to the company, "The recognition reflects the company’s commitment to excellence in financial reporting, transparency, and adherence to the highest standards of accounting practice." Such accolades not only recognize outstanding work but establish trust between the company and its stakeholders.
The ICAI Awards for Excellence, established back in 1958, aim to promote the best practices of financial reporting across various sectors. The awards evaluate organizations on stricter criteria, focusing on accounting guidelines, disclosure policies, and adherence to regulations set forth by the industry. Each year's evaluations are rigorous, ensuring deserving firms are awarded.
The selection process considers the quality of financial statements, presentation, and additional disclosures provided during annual reporting. REC Limited's accounting practices, including full transparency and regulatory compliance, played key roles in its recognition this year.
Within the financial services sector, REC Limited has been instrumental in financing and promoting numerous power projects across India, directly contributing to the country’s energy infrastructure. By securing such accolades, the firm establishes itself as not only a leader but as a model for best practices within the industry.
Moving forward, REC Limited is poised for enhanced opportunities, leveraging this recognition to strengthen investor confidence and expand its operations. With aims to continue raising the bar for itself and competitors alike, it will likely pursue even greater excellence in its financial and operational reporting.
The ICAI Award for Excellence offers firms like REC Limited the chance to disseminate their commitment to ethical practices and transparency widely. Observers of the industry see this achievement as not only beneficial for REC Limited but as inspirational for other companies striving for similar benchmarks.