All is set for the Institute of Certified Public Accountants of Uganda’s (ICPAU) 10th Edition of the Financial Reporting (FiRe) Awards.
The institute announced Thursday 10 that it will be holding its 10th edition of the annual Financial Reporting Awards that is slated for November 3, 2020 running under the theme ‘10 years of enhanced financial reporting: gliding with excellence into the future.’
Initiated way back in 2011, the Awards were aimed at enhancing the quality of financial and business reporting in Uganda by encouraging the implementation of international financial reporting standards as well as best practices in financial reporting. Good financial reporting provides evidence of the health of an organization.
It is a test of the pulse of an organization’s wellness, assuring the shareholders and other stakeholders of the entity’s strong capital base. It is also an excellent way to build investor confidence and increase access to long term financing, through providing appropriate disclosures and evidence of good corporate governance.
Addressing the press, CPA Mark Omona, the Director Standards and Regulation at ICPAU noted that since the inception of the Awards, the quality of financial reporting exhibited by participating organizations has tremendously improved.
“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,” he said.
The institute also reveals that much effort is being placed on Integrated Reporting, a global reporting framework which advances the presentation of the story of the organization beyond the numbers, through demonstrating how the people, systems and capital speak together in order to create value for shareholders.
Organizations must put their holistic story in one report in a manner that can communicate to all stakeholders, including non-accountants: investors, customers, suppliers, among others.
CPA Omona, however, noted a major impediment to good financial reporting as the reluctance by some organizations to apply the appropriate standard. He urged Small and Medium Enterprises to apply the International Financial Reporting Standard (IFRS) for SMEs, as it is less complex and requires fewer disclosures, compared to the full IFRS.
Organized by ICPAU, in partnership with the Capital Markets Authority and the Uganda Securities Exchange among others, the 2020 FiRe Awards will be held virtually in light of the COVID-19 social distancing requirements.
Participation in the FiRe Awards is by submission of the 2019 audited annual report and open to public and private sector organizations as well as Not-for-profit organizations.
The organizers, thus, inform that interested organizations can submit their 2019 annual reports by October 5, 2020 via https://www.icpau.co.ug/fireawards/form/fire-awardsentry-form-2020.