By Samuel Muhimba
National Social Security Fund (NSSF) have been crowned overall winners of the prestigious, 2020 Integrated Financial Reporting (FiRe) Awards, held on Wednesday at Skyz Hotel, Naguru.
Unlike the previous editions, this year’s awards were held virtually in light of the COVID-19 social distancing guidelines.
The awards, which are organized by the Institute of Certified Public Accountants of Uganda (ICPAU) strive to uplift the quality of financial and business reporting in Uganda.
NSSF were the biggest winners of the night as they scooped Public Sector Category award (for the 5th time), Sustainability Reporting award as well as Communication award.
Meanwhile, Stanbic Uganda Holdings Ltd which had previously won 5 Gold Report of the year awards won Silver Report of the year and Best Listed Entity awards.
On the other hand, Centenary Bank were named the 2020 Bronze winners of the Integrated Financial Report of the Year Awards in the banking category.
President of ICPAU, Mr.Fredrick Wanumeli thanked the participants and the organisations that submitted their annual reports for evaluation,inspite of the COVID-19 challenges.
“Integrated reporting helps to increase the preparedness of organisations to access long term financing through the capital markets, by providing the appropriate disclosures as well as evidence of prudent corporate governance, which are key in attracting investors”
“It shows commitment to upholding standards of financial reporting,an indicator of strong organisational culture”-Wanumeli commended.
Here are some of the winners of the night
Special Awards 1: Reporting under IPSAS - SNV Netherlands Development Organisation
Special Awards 2: Reporting under the IFRS for SMEs - Child’s i Foundation
Best Listed Entity- Stanbic Uganda Holdings Ltd.
Commercial Banks Category - Stanbic Uganda.
Microfinance Deposit-Taking Institutions (MDIs) Category - FINCA_Uganda.
Insurance Companies- liberty Uganda.
Public Sector - NSSF
Consumer and Industrial; Category A – UMEME Ltd.
Non-for-Profit Organisations- Reproductive Health Uganda.
Regulatory Bodies and Associations - Bank of Uganda.
Cooperatives category- Y-Save MultiPurpose Cooperative Society Ltd.
Retirement Benefits Schemes FiRe Award- Makerere University Retirement Benefits Scheme.
The Financial Reporting Awards (FiRe Awards) is an annual event organized by ICPAU in partnership with CMA, USE and Vision Group .
The FiRe Awards that began in 2011 with 37 participants rising to 100 in 2019 are open to all organisations that produce annual reports. The number has slightly declined this year to 83, mostly owing to the COVID-19 outbreak.
The overall aim of the Awards is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as other best practices in reporting.
The Awards provide an opportunity to participating organisations to benchmark their reports against the set criteria of good annual reports.
