Kampala, Uganda | THE INDEPENDENT | Julius Businge | The Institute of Certified Public Accountants of Uganda is set to hold the 10th Financial Reporting (FiRe) Awards on Nov.04, 2020, officials said at a virtual press conference on Sept.10.
The awards were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of the new and running international financial reporting standards as well as best practices in financial reporting, according to CPA Stephen Ineget, the chairman Financial Reporting Committee.
ICPAU executives said at a virtual press conference on Sept.10 that the awards will be held virtually in line with the standard operating procedures issued by the government to tame the spread of COVID-19.
Since their inception, a total of 655 organisations/institutions or companies have participated. The participants belong to the private sector, public sector and not-for profit arena. The 2020 theme is; 10 years of enhanced financial reporting: gliding with excellence into the future.
CPA Mark Omona, the director for Standards and Regulation at ICPAU said 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,” Omona explained.
He said emphasis is being placed 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
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