By Kakuba Regina Kyogabirwe,
The Institute of Certified Public Accountants of Uganda is set to open for the 2023 Financial Reporting (FiRe) Awards entries on 1 June 2023. Organisations will be able to submit their entries over a 4-months period until 30 September 2023. The FiRe Awards were introduced in 2011 with the aim of enhancing the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and promoting the best practices in financial reporting.
“The introduction of the FiRe Awards followed the adoption of the International Financial Reporting Standards for use in Uganda, and hence the need to monitor the level of compliance with the standards,” said Mr Derick Nkajja, the ICPAU CEO.
“We have organised 12 editions of the Awards, and over 900 organisations have been impacted,” he added.
With the theme, ESG Reporting as Brand Storytelling, the 2023 FiRe awards are open to public sector entities, Not-For-Profit, and private sector organisations, the submission of entries is free.
The entries are evaluated by the FiRe Awards Committee of the Institute and winners are awarded based on their level of compliance with the financial reporting standards. Each entrant receives a compliance/assessment report that should be used to improve their reporting. The 2023 FiRe Awards ceremony is scheduled for 1 November 2023.
Special Awards are given for the following:
- Excellence in Corporate Governance Reporting
- Excellence in Sustainability Reporting
- Excellence in Presentation and Communication
- The Most Improved Report
- The Best Listed Entity
For purposes of entry into the Awards, organisations are required to submit their most recent audited annual reports.
The highest honour is the Integrated Report of the Year Award in the Gold, Silver and Bronze categories, given to organisations which exhibit the highest level of compliance with financial reporting standards and other aspects such as corporate governance reporting, sustainability reporting, and communication and presentation. In the past, Stanbic Bank and the National Social Security Fund (NSSF) have been the Gold Awardees with a total of five and four Gold Awards respectively.
The full list of Gold awardees over the years is as follows:
- 2011: Centenary Rural Development Bank
- 2012: Stanbic Bank
- 2013: UMEME Limited
- 2014: Stanbic Bank
- 2015: Stanbic Bank
- 2016: Lion Assurance
- 2017: Stanbic Bank
- 2018: National Social Security Fund
- 2019: Stanbic Bank
- 2020: National Security Fund
- 2021: National Social Security Fund
- 2022: National Social Security Fund.
The FiRe Awards are organised by ICPAU in partnership with the Capital Markets Authority, New Vision Printing and Publishing Company Limited and the Uganda Securities Exchange.
Entries for the 2023 FiRe Awards can be submitted via www.icpau.co.ug/fireawards/ or by hand delivery to the ICPAU offices at plot 42 Bukoto Street.