ICPAU, CMA and other partners announce entries for 2024 Financial Reporting Awards

The Institute of Certified Public Accountants Uganda (ICPAU), the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and Vision Group have unveiled the 14th edition of the Financial Reporting (FiRe) Awards.

The theme for this year is Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress.

On June 25, CPA Derick Nkajja, the Secretary/CEO of ICPAU, said the organization’s dedication to recognizing the effects of streamlined sustainability reporting, particularly in light of new global sustainability reporting standards. Nkajja stated, “The ESG theme has been consistent for three years, and each year, we have given feedback to participating organizations on effective Environmental Social and Governance (ESG) reporting.”

He further explained, “This year, we aim to allow organizations to showcase their progress in implementing the feedback from the FiRe Awards evaluators, especially concerning global sustainability reporting standards.”

The FiRe Awards, established in 2011, aim to enhance the quality of financial and business reporting in Uganda by promoting the adoption of financial reporting standards and best practices in corporate reporting.

ICPAU adopted the International Financial Reporting Standards in 1998 for use by preparers of general-purpose financial statements in Uganda, necessitating the monitoring of compliance with these standards, which the FiRe Awards effectively address.

Participating entities benefit from benchmarking their annual reports against the latest financial reporting requirements, receiving recognition for excellence in financial reporting, and obtaining expert feedback on their reports’ strengths and weaknesses, all at no cost. Since the inception of the FiRe Awards, over 1,000 organizations have been impacted.

CPA Peter Ssenyange, the Chief Finance Officer of PostBank, remarked, “An indigenous bank needs to demonstrate that Ugandans can manage their bank and achieve greatness. The bank’s accomplishments in financial reporting affirm that our team is on the right path to transforming the bank.” PostBank won the bronze award at the 2023 FiRe Awards.

Organizations can participate in the FiRe Awards by submitting their most recent annual report. Entries opened on June 1, 2024, and will close on September 30, 2024. The awards are open to all organizations that prepare annual reports, including public sector entities, not-for-profit organizations, and private sector entities. Submissions can be made online at www.icpau.co.ug/fireawards or by delivering three printed copies of the annual report to the ICPAU offices.

The FiRe Awards ceremony, where outstanding organizations will be recognized, is scheduled for November 6, 2024.