Business
14th Financial Reporting Awards to focus on ESG progress
CPA
The Institute of Certified Public Accountants (ICPAU) of Uganda is teaming up with the Capital Markets Authority and the Uganda Securities Exchange to hold the 14th edition of the Financial Reporting (FiRe) Awards intended to recognize excellence in financial reporting among the accountancy profession.
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.
CPA Stephen Ineget, the Chairperson the FiRe awards Organizing Committee says this year, the idea is to give a chance to entities to demonstrate their progress in terms of implementing the feedback from the Awards evaluators regarding Environmental Social and Governance (ESG) reporting.
“We have talked about ESG issues, what it’s importance beyond the definition, it is a framework that focuses on the people are they okay , are they able to live in an environment that is conducive , that environment is what we call the planet, what you do as a company bear un mind that you preserve the planet if you annoy the planet it will mistreat you, you have seen the flooding like recently we had in Kenya , it means the planet is not happy so once we balance the planet the people , the profits for the company , balance the planet , the ESG is Okay”-Ineget stressed.
The theme for this 14th edition is “Promoting Excellence in corporate reporting, Disclosing ESG performance and progress.
Introduced in 2011, the FiRe Awards are an annual ceremony through which excellence in financial reporting is recognized and rewarded.
According to ICPAU, over 1000 organizations have been impacted once the inception of the FiRe Awards and this year the climax ceremony will be on November 6.
In 1998, ICPAU adopted the International Financial Reporting Standards for use by preparers of general-purpose financial statements in Uganda, and there came a need to monitor compliance with these standards.
Among other benefits, participating entities have the opportunity to benchmark their annual reports with up-to-date financial reporting requirements, receive recognition for excellence in financial reporting, and receive expert feedback on the annual report’s strengths and weaknesses, at no cost.
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