The Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE) and the Vision Group is set to hold the 11th edition of the Financial Reporting (FiRe) Awards.
Introduced in 2011, the FiRe Awards are an annual ceremony through which excellence in financial reporting is recognized and rewarded. Organisations in the private, public and Non-Governmental Organisations sectors participate by submission of their annual reports for the year under review. The best performers are rewarded based on their level of compliance with international financial reporting standards.
The theme of the 11th edition is Integrated Reporting: Building Blocks for Stakeholder Confidence. Over the past 2 years, emphasis has been placed on Integrated Reporting, a global reporting framework which places emphasis on addressing the information needs of investors by demonstrating in detail how financial, manufactured, intellectual, human, social and natural resources are used to create value for investors. The aim is to promote efficient resource allocation.
CPA Mark Omona, ICPAU’s Director - Standards and Regulation said, “Preparers need to report holistically on how the organisation impacts the 6 capitals.”
He emphasised the need for organisations to address the climate issue which is increasingly becoming a key global concern.
“A lot of attention is being placed on the impact of climate change and therefore organisations must continuously demonstrate their commitment to sustainability,” CPA Omona added. He noted that Integrated Reporting is an excellent opportunity for organisations to tell their story on how climate issues are being addressed.
With reference to COVID-19, CPA Omona noted that FiRe Awards evaluators will be keen to see detailed disclosures around how COVID-19 shaped the organisations and how business continuity is being addressed.
The 11th edition of the Awards will evaluate the 2020 annual reports. Organisations can submit their annual reports online, via www.icpau.co.ug/fireawards or physically at ICPAU offices. Participation is free and entries open on 1 June to 30 September 2021. The Awards ceremony will take place on 10 November 2021.
Since inception, a cumulative number of 739 organisations have participated in the Awards. Participants have noted several benefits including growth in profitability, increased funding, staff motivation, increased trust and investor confidence, and increased brand visibility, among others.