KAMPALA — The window is now open for entries to 11th Edition of Financial Reporting Awards (FiRe) which enhances the quality of financial and business reporting in Uganda by encouraging the implementation of International Financial Reporting Standards as well as other best practices in reporting.
Introduced in 2011, the FiRe Awards are organized and held annually by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE) and the New Vision.
Participation is free and entries open from now to September 30, 2021, organizers said on Tuesday June 15.
Speaking at the launch, CPA Mark Omona, the Director – Standards and Regulation at ICPAU said the FiRe Awards whose theme is Building Blocks for Stakeholder Confidence, seeks to 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.
“Alof of attention is being placed on climate change and therefore organizations must continously demonstrate their commitment to sustainability, he said, adding that the the integrated reporting presents an opportunity to organizations to tell their story on how climate change issues are being addressed.
Omona said participants have noted several benefits including growth in profitability, increased funding, staff motivation, increased trust and investor confidence, and increased brand visibility, among others.
Vision Group Deputy CEO Gervase Ndyanabo, said the quality of financial reporting exhibited by participating organisations has improved tremendously since inception.
For the last 10 years, Ndyanabo said, there has been a lot of improvement in financial reporting.
On his part, CMA Chief Executive, Keith Kalyegira said good financial reporting practices is an essential step to accessing the large pools of long term finance.
“As CMA, we have been proud to be associated with this important award process, having participated as evaluators, sponsors, and big supporters. We are keen to support this process because of what it encourages amongst all participating companies,” Kalyegira said.
The event will be held virtually on November 11 in light of the COVID-19 containment protocols.
The 11th edition of the Awards, ICPAu said will evaluate the 2020 annual reports.
Organisations can submit their annual reports online, via www.icpau.co.ug/fireawards or physically at ICPAU offices.
Since inception, a cumulative number of 739 organisations have participated in the Awards.