KAMPALA — The promoters of of the Financial Reporting (FiRe Awards) have launched the 2020, edition, with this year’s event focusing on integrated reporting
The event, to be held virtually on November 4 in light of the COVID-19 social distancing requirements,
is organized by ICPAU in partnership with the Capital Markets Authority, the Uganda Securities Exchange and Vision Group.
CPA Mark Omona, the Director – Standards and Regulation at ICPAU noted that since inception of the Awards, the quality of financial reporting exhibited by participating organisations has improved tremendously.
“There are more disclosures pertaining to strategic information, governance information, sustainability reporting, risk management and elaborate explanation of the figures, owing to implementation of evaluators’ feedback,” he said.
FiRE Awards, whose theme is whose theme is “10 Years of Enhanced Financial Reporting: Gliding with excellence into the Future”, seeks place major emphasis on Integrated Reporting, a global reporting framework which advances the presentation of the story of the organisation beyond the numbers, through demonstrating how the people, systems, capital speak together in order to create value for shareholders.
Organisers say, institutions must put their holistic story in one report in a manner than can communicate to all stakeholders, including non-accountants: investors, customers, suppliers, among others.
CPA Omona, however, noted a major impediment to good financial reporting, as the reluctance by some organisations to apply the appropriate standard.
He urged Small and Medium Enterprises to apply the International Financial Reporting Standard (IFRS) for SMEs, as it is less complex and requires fewer disclosures, compared to the full IFRS.
He noted that the overall aim of the FiRe Awards is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of international financial reporting standards as well as best practices in financial reporting.
The Awards were introduced in 2011, and have since impacted several organisations in the private, public and Non-Governmental Organisation sectors.
The public sector entities expected to participate in the 2019 FiRe Award include; Ministries, Departments and Agencies, State Corporations, Semi-Autonomous Government Agencies among others.
Participation in the FiRe Awards is by submission of the 2019 audited annual report, and open to public and private sector organisations as well as Not-for-profit organisations.
Interested organisations, official indicated, they can submit their 2019 annual reports by 5 October 2020, via https://www.icpau.co.ug/fireawards/form/fire-awardsentry-form-2020