The COVID-19 crisis and related restrictions are creating an unprecedented and very challenging landscape for organisations in all sectors. Despite these challenges, NACRA will continue with its advocacy to promote and recognise excellence in corporate reporting in 2020, given the pivotal role NACRA plays in support of the capital market.
However, changes will need to be made in this year’s NACRA to reflect the new normal and to manage the impacts arising from the COVID-19 crisis and new social distancing norms.
The following are the changes to note as announced by NACRA joint organisers Bursa Malaysia Berhad (Bursa), the Malaysian Institute of Accountants (MIA) and The Malaysian Institute of Certified Public Accountants (MICPA):
- Extension of submission deadline – The submission deadline has been extended from 29 May 2020 to 15 July 2020, in parallel with the extension of time granted by Bursa on the filing of annual reports with financial year-ends of 31 December 2019 to 30 June 2020 (please click HERE for Bursa Malaysia’s media release).
- Revision of participation fee – The participation fee is revised as follows:
The revised participation fee will be wholly used to meet the costs arising from the adjudication process. Please note that in previous years, the NACRA participant fee included one standard table at the awards presentation dinner but this charge will be omitted for 2020 as the dinner has been cancelled due to adherence with COVID-19 SOPs (see below).
- Cancellation of the NACRA 2020 Awards Presentation Dinner – As noted above, the NACRA 2020 Awards Presentation Dinner is CANCELLED due to the practice of social distancing and prohibitions on mass gatherings as announced by the Government. The NACRA 2020 winners and results will be announced via an alternative platform at a later date.
For more information about NACRA 2020, please contact the NACRA Secretariat at firstname.lastname@example.org.
NACRA 2020 Brochure
Promoting excellence in annual corporate reporting has a long history in Malaysia. It started in 1985 with the launch of the Malaysian Corporate Report Awards (MACRA) which was jointly organised by The Malaysian Association of Certified Public Accountants (MACPA) and the Malaysian Institute of Management (MIM). In 1988, Malaysian Institute of Accountants (MIA) and the Kuala Lumpur Stock Exchange (KLSE) collaborated to organise the National Annual Report Awards (NARA). In recognition that the two awards shared common objectives, 1990 saw the unification of the awards to become the National Annual Corporate Report Awards (NACRA), which was jointly organised by KLSE, MIA, MIM and MACPA.
Today, NACRA is the collaborative effort of Bursa Malaysia Berhad, Malaysian Institute of Accountants, and The Malaysian Institute of Certified Public Accountants (MICPA).
The criteria for NACRA has been reviewed and enhanced each year to encourage the disclosure of all material and relevant information beyond the statutory requirements. Compliance with approved accounting standards and statutory disclosure requirements has become the norm expected of all organisations. Greater emphasis has been given to voluntary disclosure such as information about the company’s long-term objectives, its strategic plans for growth, initiatives to protect the environment through corporate social responsibility projects. The aim is to promote more effective communication between the organisation and its stakeholders.
Although new elements have been added over the years, the objective remains essentially the same, to recognise and highlight the importance of good financial reporting, not only to protect the interests of stakeholders, but to ensure the effective functioning of the capital market. This is the very essence of NACRA’s theme, Towards Accountability and Excellence.
- To promote effective communication by organisations through the publication of timely, informative, transparent and reader-friendly annual reports
- To raise the bar for quality corporate reporting in Malaysia
- To recognise and encourage excellence in the presentation of financial and corporate information
- To create public awareness of the objective measures of an organisation and their value creation over time, and greater understanding of the financial performance and results an organisation has achieved