ICPAU launches 2022 financial reporting awards

The Institute of Certified Public Accountant Uganda (ICPAU) has officially launched 2022 FiRe Awards with the theme that centres on corporate reporting: strengthening environmental, social and governance reporting.

FiRe Awards is an annual ceremony through which excellence in financial reporting is recognised and rewarded.

Organisations in the private, public and non-profit sectors participate by submission of their annual reports for the year under review and the best performers are rewarded based on their level of compliance with international financial reporting standards.

According to the organisers, the overall aim of the 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 other best practices in reporting.

This year’s FiRe Awards will be held on 9 November 2022 and entries are open until 30 September 2022.

Speaking to the Nile Post shortly after launching the activity, the organisers explained that when an entity does effective financial reporting it becomes attractive to funders which help in the easy mobilisation of financial support.

The manager of standards and technical support at ICPAU, Charles Lutimba, called upon companies to entice themselves in financial reporting awards, urging them to submit their reports.

"For the entities that have been participating in these awards, we have seen commendable improvement, we have seen commendable changes in the nature and the way they are reporting," he said.

The director of research and market development at Capital Market Authority (CMA) Dickson Ssembuya highlighted the immense value of good financial reporting with a brief on the capital markets.

"Good corporate governance is key to creating value. ESG is part of the disclosures that investors look at before committing their capital," he said.

FiRe Awards were introduced in 2011 with the overall aim of promoting best practices in financial reporting in complying with international financial reporting standards.