The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Institute of Certified Public Accountants Uganda (ICPAU), the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and Vision Group have announced the 14th edition of the Financial Reporting (FiRe) Awards.
The theme is Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress.
CPA Derick Nkajja, the Secretary/CEO of ICPAU said on June 25 that given the recent developments in sustainability reporting, notably the introduction of global sustainability reporting standards, ICPAU is committed to recognising the impact of the now streamlined sustainability reporting on the users of the annual reports.
“The ESG theme has run for 3 years now and every year, we have provided feedback to participating organisations regarding effective Environmental Social and Governance (ESG) reporting,” Nkaja said.
He added: “This year the intention is to give a chance to organisations to demonstrate how far they have progressed in terms of implementing the feedback from the FiRe Awards evaluators regarding ESG, especially concerning the global sustainability reporting standards.”
The FiRe Awards are awards of excellence which were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and other best practices in corporate reporting.
In 1998, ICPAU adopted the International Financial Reporting Standards for use by preparers of general-purpose financial statements in Uganda, and there came a need to monitor compliance with these standards. The FiRe Awards presented an effective approach.
Among other benefits, participating entities have the opportunity to benchmark their annual reports with up-to-date financial reporting requirements, receive recognition for excellence in financial reporting, and receive expert feedback on the annual report’s strengths and weaknesses, at no cost.
Over 1,000 organisations have been impacted since the inception of the FiRe Awards.
CPA Peter Ssenyange, the Chief Finance Officer of PostBank said, “An indigenous bank needs to demonstrate that Ugandans can run their bank and make it great, therefore, the bank’s achievements in financial reporting are a testament that the team is on the right track towards transforming the bank. PostBank won the bronze award at the 2023 FiRe Awards.
Organisations participate in the FiRe Awards by submitting their most recent annual report. Entries opened on 1 June 2024 and will close on 30 September 2024.
The FiRe Awards are open to all organisations that prepare annual reports, including public sector entities, not-for-profit organisations, and private sector entities.
The outstanding organisations will be recognised at the FiRe Awards ceremony on November 6, 2024.
