Annual report - rules 
THE RULES OF
„The Best Annual Report 2010”
COMPETITION
Accountancy and Tax Institute
announces a competition for
The Best Annual Report 2010
(Best Annual Report 2010 according to IFRS/IAS).
THE IDEA OF THE COMPETITION
is to create recognized standards of drawing up annual reports according to IFRS/IAS, in accordance with IFAC guidelines and best practice within this area and, by the same token, to promote companies drawing up best consolidated annual reports made in accordance with IFRS/IAS from the point of view of usability for shareholders and investors.
THE ADDRESSEES OF THE COMPETITION
The competition is addressed to all companies preparing consolidated annual reports according to IFRS/IAS. They are mainly stock market companies (Polish and foreign ones) and other companies obliged to draw up financial reports according to International Accounting Standards since 1st January 2005, frequently companies with international capital and also other companies that voluntarily draw up consolidated annual reports according to IFRS/IAS, aspiring to draw up reliable annual reports for its shareholders.
THE OBJECT OF THE COMPETITION
A consolidated annual report
of the company drawn up in accordance with ISFR/IAS submitted in a printed version, together with a CD-ROM containing the annual report sent to the Polish Financial Supervision Authority.
The annual report should include:
- a report of the board on the activity
- a financial report
- a review of the auditor
- report on complying with the principles of corporate governance (directly in the annual report or as a separate document)
Notes:
- a report of the Board on the activity should also include a letter from the Chair of the Board, or a letter of the Director of the Management Board
- financial information included in the annual report should comprise a complete financial report; when the annual report does not comprise a complete financial report, the report should provide the Internet address of the company where a complete financial report can be found
- the financial information included in the annual report of the dominating units should include full consolidated financial report drawn up in accordance with ISFR/IAS, as the basic financial report (individual financial report or only selected individual financial information may be enclosed in the consolidated report)
- a negative evaluation of an auditor or a refusal to issue an opinion disqualifies the company from the competition
- an opinion of an auditor with reservation will be examined individually by the Chapter of the Competition
- by principle, a report printed in Polish should be submitted to the competition; however, if the company submitted a printed version of the report in English only, it is assessed on the same conditions as other reports. However, the final number of points in the category "report usability" is reduced in accordance with the regulations specified in the assessment criteria (see: criteria).
ASSESSMENT CRITERIA
The Charter of the Competition works in three expert teams that assess:
- the report on activity – 30 points (printed report sent to KNF is evaluated)
- making use of ISFR/IAS – 40 points (printed report sent to KNF is evaluated)
- usability of annual reports – 30 points (The marketing report or printed report directly from the web page is
evaluated)
Altogether, the report may receive 100 points.
PRIZES AND DISTINCTIONS
The Chapter of the Competition shall select winners (main awards) in two categories:
- companies
- banks and financial institutions
Additionally, each assessment team is entitled to award distinctions within its group of criteria.
SPECIAL AWARDS AND DISTINCTIONS
Additionally, within the team assessing "the usability of the annual report" special awards shall be granted for:
the best Internet annual report
the company’s investor relations (special award of the Warsaw Stock Exchange)
ANNOUNCING THE RESULTS AND HANDING THE REWARDS
The results of the competition shall be announced during a ceremonial Final Gala that will take place in October 21 in the Warsaw Stock Exchange Building in Warsaw.
RESULTS OF THE COMPETITION
Will be published at the website of the organizer of the competition, that is www.irip.pl, Warsaw Stock Exchange, in Gazeta Wyborcza newspaper and by the press, TV and Internet portals cooperating with the organizers.
THE COMPOSITION OF THE CHAPTER
The Chapter will be composed of representatives of: Ernst&Young, KPMG, PWC, Grant Thornton Frąckowiak, Mazars, Misters Audytor, Stowarzyszenie Inwestorów Indywidualnych, Polski Instytut Relacji Inwestorskich, Izba Domów Maklerskich, Związek Maklerów i Doradców, Izba Gospodarcza Towarzystw Emerytalnych, Allen&Overy, Uniwersytet Łódzki, Akademia Ekonomiczna w Poznaniu, DM Banku BPS, PKO BP TFI, TVP, Business Reporting - Advisory Group, IPO Doradztwo Strategiczne, Hay Group and Gazeta Wyborcza journalists.
PARTICIPATION IN THE COMPETITION
Entering the competition is voluntary, free of charge and involves sending an entrance questionnaire to the headquarters of the organizer of the competition (enclosed).
DEADLINE
- 31st July 2011.
FORM AND NUMBER OF REPORTS SUBMITTED FOR EVALUATION
- 25 copies of the annual report in a printed form
- 25 marketing version of annual report sent to PFSA - KNF
- Internet address of the company's website where the annual report in an electronic version is posted (to be provided in the entry questionnaire).
AWARDS
COMPETITION ENTRY
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