The Institute of Certified Public Accountants of Uganda (ICPAU) has announced the adoption of new global sustainability reporting standards, marking a significant shift in the country’s financial reporting framework.
Speaking at the 2025 Financial Reporting (FiRe) Awards in Kampala, ICPAU President CPA Timothy Ediomu said Uganda will adopt the IFRS Sustainability Disclosure Standards, known as IFRS S1 and IFRS S2, to improve transparency and comparability in climate and sustainability reporting.
He said early adoption will begin in January 2026, with mandatory compliance expected by 2028.
“The standards will enable consistent and comparable disclosures on sustainability and climate,” Ediomu noted, adding that the move will help institutions better communicate risks, opportunities and performance.
Ediomu commended financial sector regulators, including the Capital Markets Authority and the Bank of Uganda, for backing the transition.
He further urged institutions to embrace stronger governance practices, saying the FiRe Awards “continue to be a beacon of excellence” in promoting integrity and accountability.
Uganda Christian University Vice Chancellor Prof. Aaron Mushengyezi, who served as chief guest, called for reforms to strengthen internal systems and improve institutional sustainability.
“Resilience is not about clinging to old ways, it’s about adapting and investing in what truly matters,” he said.
Prof. Mushengyezi highlighted lessons from UCU’s restructuring during the COVID-19 period, which he said helped the institution cut inefficiencies and become more self-sustaining.
The FiRe Awards, now in their 15th edition, recognise excellence in financial reporting among public, private and civil society institutions in Uganda.
