The Institute of Certified Public Accountants of Uganda (ICPAU) has called upon business entities and organizations to join and participate in the 2020 Financial Reporting (FiRe) Awards as a way of enhancing their financial reporting skills.
The FiRe Awards were introduced in 2011 to enhance 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.
While addressing the media on Thursday, the Chairperson of FiRe awards committee, CPA Stephen Ineget said that this year’s awards shall be held virtually on November 4, 2020 under the theme: “10 years of enhanced financial reporting: gliding with excellence into the future”.
CPA Ineget said that participating entities will have a chance to enhance their financial reporting which has enormous benefits which include providing evidence of the health of an organisation.
“It is a test of the pulse of an organisation’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,” Ineget said.
CPA Charles Lutimba noted 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,” Lutimba said.
Lutimba said that 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.
“Organisations 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,” Lutimba said.
CPA Lydia Nankabirwa noted that all interested entities are encouraged to participate in the awards by submitting their 2019 financial reports adding that entry is free.
“No cost is attached, participation is free of charge but at the end, we give you an expert feedback report that will enhance your organisation’s financial reporting standards,” Nankabirwa said.