Kampala, Uganda | Julius Businge | The National Social Security Fund is the overall winner of the Gold Integrated Financial Reporting Award for 2020 organised by the Institute of Certified Public Accountants of Uganda.
This was at the 10th Financial Reporting (FiRe) awards ceremony held at Skyz Hotel, Naguru – Kampala on Nov.04.
According to the awards committee, the Fund presented an all-round integrated report and demonstrated a high level of adherence to the guiding principles and content elements of the international integrated reporting framework.
Officials said that the awards committee particularly appreciated the comprehensive explanation of the value that the organisation has created for each stakeholder category during the period.
The committee said the report had an imaginative layout and the narrative was easy to read and follow. The report also addressed the impact of the COVID-19 pandemic in a thoughtful manner, with clear perspectives and outlook for the future.
“The FiRe Awards Committee is satisfied that this organisation provided the most exemplary integrated annual report with a clear commitment to the highest standards of financial and business reporting,” the committee said.
Meanwhile, Stanbic Bank – Uganda are winners of the silver accolade. It presented an integrated annual report that was very readable, well organised and comprehensive in scope.
The report showed a high level of creativity in the communication of information about the organisation, providing insightful and fascinating explanations of the strategic direction of the organisation and the key content elements of its integrated report, the committee said.
“The organisation’s report was well executed and demonstrated a high degree of professionalism,” the committee said.
On the other hand, Centenary Rural Development Bank were announced as bronze winners. According to the committee, the bank presented a concise and clear integrated report with an appropriate and meaningful presentation on its operations and financial performance.
“There was an outstanding level of reporting of the organisation’s capitals in a balanced, transparent and interconnected manner,” the committee said.
Frederick Kibeddi (CPA), the president of ICPA-U said, the awards, since their inception in 2011, have greatly improved the financial reporting of companies that participate.
Kibeddi said events of this nature elevate the quality of financial reporting, leading to growth of enterprises and the economy.