The President of ICPAU at the FiRe Awards
7th Financial Reporting (FiRe) Awards
It is with pleasure that I welcome you to the 7th edition of the Financial Reporting (FiRe) Awards. The awards that were first held in 2011 have over the years attracted participation from various entities across the country. Participation in the awards has greatly contributed to good financial reporting within organisations, in line with acceptable international financial reporting standards.
This year’s theme for the awards is “Moving Beyond the Numbers: Unlocking Value through Reporting”. Noting the year’s theme, I take this opportunity to inform you that more organisations are appreciating the relevance of good financial reporting. It is not just about the numbers but the value from those numbers. The value of the accountancy profession is well articulated within the financial reporting bringing value addition within business processes and thus the economy. Organisations which scored below average at their first participation in the awards have demonstrated tremendous improvement in financial reporting with their subsequent participation over the years.
The FiRe awards have impacted participants in various ways. This is evidenced in increased funding for Non-Governmental Organisations, increase in shareholder numbers for listed entities, among others. Good financial reporting is undoubtedly a measure for business success.
I would like to appreciate the contribution of our partners, Uganda Securities Exchange and Capital Markets Authority. We are very grateful for their support and promotion of the FiRe Awards. We are also grateful to the New Vision, for their media promotion of the Awards for the seventh year running.
This year, we received 19 new entrants and to us every new entrant is celebrated for the growing usage of International Financial Reporting Standards in our country. We note that a number of entities skip subsequent years after their first participation. We encourage such organisations to always stay in touch as a way of learning better ways on how to implement the evaluator’s report which is given to each participant.
The Institute of Certified Public Accountants of Uganda (ICPAU) being the national professional accountancy organisation in Uganda pledges its continued promotion and support of good financial reporting for the growth of businesses in particular and Uganda’s economy in general. We therefore call upon more organisations to embrace the drive to improve financial reporting and unlock the value beyond numbers for the development of our nation.
Best wishes to the participants.
For God and My Country