ICPAU, partners launch 2023 Financial Reporting Awards

The annual ceremony which is to be held on November 1, 2023, under the theme ESG: Reporting as Brand Storytelling, seeks to promote the quality of corporate reporting in Uganda by recognising and rewarding entities in the private, public, and Non-profit organisation sectors based on their level of application and compliance with the International Financial Reporting Standards (IFRSs) and other emerging practises in corporate reporting.

“The growing multidimensionality of corporate stakeholdership calls for organisations to adopt a deliberate approach to embracing the diverse needs of their stakeholders,” remarked CPA Derick Nkajja, the CEO of ICPAU.

“The 2023 FiRe Awards theme seeks to give organisations a chance to tell their story of how they have embraced ESG as a way of recognising the diverse reporting interests of their stakeholders,” he added.

According to the Chairman of the 2023 FiRe Awards Committee, Stephen Ineget, entries are open and participation is free for all categories of organisations. These will submit their financial reports, which will be evaluated, and feedback will be shared.

“We hope to use this year’s theme to enable organisations to relate their businesses to the people and the environments in which they carry out their operations; therefore, organisations will be assessed depending on their degree of response to the elements of ESG,” Ineget said.

Every organisation that participates in these awards benefits by receiving free feedback on the extent of their compliance with the relevant financial and corporate reporting frameworks. Participants from the different sectors are encouraged to take part in the Awards as a means of improving corporate reporting among organisations and the country at large.

Speaking at the event, the Director of Research and Market Development at CMA, Dickson Ssembuya, noted that the earlier companies adapt to ESG, the easier it will become for them to access market-based financing.

On the other hand, Budalah Nsubuga, New Vision’s Senior accountant, remarked that New Vision’s long-term partnership with ICPAU is intended to help organisations achieve successful and effective corporate governance and fair and honest financial reporting.

The FiRe Awards will also encourage effective communication of financial business information, creating public awareness about the roles that are played by the different organisations under the ESG Agenda.

According to Peter Victor Kwagala, the Business Development Manager at USE, Western countries have embraced ESG as a mark of the 21^st Century. It is therefore necessary for developing countries to incorporate it into their businesses as well.

In attendance were representatives from Liberty Life Assurance Uganda Limited and SteadFin Uganda SACCO Ltd, who were recognised as outstanding participants for their consistent good performance in Financial reporting and were given an opportunity to share the impact of Financial reporting in their organisations.

In her remarks, the Chief Executive Officer of SteadFin Uganda SACCO Ltd., Mercy Tumukunde, expressed her gratitude to the Institute for the great initiative that has improved the degree of financial reporting and declared that her organisation has greatly improved due to personalised feedback from FiRe Awards.

The Chief Executive Officer of Liberty Life Assurance Uganda Limited, Danish Mohammad, noted that the presentation of a company’s financial report speaks volumes about it to its customers and all stakeholders and is a measure of its compliance.

Every organisation that participates in these awards benefits by receiving free feedback on the extent of their compliance with the relevant financial and corporate reporting frameworks. We call upon participants from the different sectors to take part in the awards as a means of improving corporate reporting among organisations and the country at large.

The participating organisations will be required to submit their annual reports for any period ending in 2022. These are documents that contain the full audited annual financial statements together with information that enables an understanding of the nature, objectives, performance, and achievements of an organisation.

For the past twelve years, the Awards have attracted over 935 organisations.