Sunday , June 26 2022
Home / comment / ICPAU: Financial reporting awards set for November

ICPAU: Financial reporting awards set for November

CPA Derick Nkajja, the CEO of ICPAU.

Kampala, Uganda |  THE INDEPENDENT | Julius Businge |  The Institute of Certified Public Accountants of Uganda is set to hold the 10th Financial Reporting (FiRe) Awards on Nov.04, 2020, officials said at a virtual press conference on Sept.10. 

The  awards  were  introduced  in  2011  to  enhance  the  quality  of  financial  and  business  reporting  in  Uganda  by  encouraging  the  implementation  of  the new and running international financial  reporting  standards  as  well  as  best  practices  in  financial  reporting, according to CPA Stephen Ineget, the chairman Financial Reporting Committee. 

ICPAU executives said at a virtual press conference on Sept.10 that the awards will be held virtually in line with the standard operating procedures issued by the government to tame the spread of COVID-19. 

Since their inception, a total of 655 organisations/institutions or companies have participated. The participants belong to the private sector, public sector and not-for profit arena. The 2020 theme is; 10 years of enhanced financial reporting: gliding with excellence into the future. 

CPA Mark Omona, the director for Standards and Regulation at ICPAU said 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,” Omona explained. 

He said 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

Leave a Reply

Your email address will not be published. Required fields are marked *