Team News Riveting
New Delhi, February 2
REC Limited, the Maharatna company under the administrative control of the ministry of power, has bagged ICAI Award for Excellence in Financial Reporting for the Financial Year 2023-24.
“This is to inform that REC Limited (“REC”/ “the Company”) 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 in Financial Reporting for the financial year 2023-24’, at award ceremony held in the World Forum of Accountants (WOFA), ICAI at New Delhi,” REC Limited, which finances and promotes power projects, said in a regulatory filing.
The prestigious recognition reflects the commitment of the Company to excellence in financial reporting, transparency and adherence to the highest standards of accounting practices. The selection has been made based on the company’s accounting practices, policies adopted for disclosure, presentation of financial statements, other disclosures in the Annual Report and degree of compliance with Indian Accounting Standards, Statutory guidelines and Regulations, the company said.
ICAI through its Research Committee has been organizing the ICAI Awards for Excellence in Financial Reporting since the year 1958, to recognize and encourage excellence in the preparation and presentation of financial as well as non-financial information in annual reports by entities across various sectors.
REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into the financing infrastructure and logistics sector as well.
