The Financial Reporting (FiRe) Awards championed by the Institute of Certified Public Accountants of Uganda (ICPAU) are aimed at improving the quality of financial and business reporting in the country by encouraging organizations to adopt global financial reporting standards and best practices.
ICPAU are mandated by law to promote the standards of accountancy in Uganda. So, after setting up international standards of accountancy in the country, it needed to adopt the implementation of these standards,”
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“In 2011, ICPAU started the FiRe awards to look at how companies in the country are using the standards which were set,” Derrick Nkajja, the chief executive officer of ICPAU explains why the awards were started.
The awards provide a platform for organizations to benchmark their reports against those of their peers. Other aims of the awards are to encourage effective communication of financial and business information, showcase best practices in financial reporting, promote and institutionalize transparency, integrity, and accountability in the corporate reporting process.
The awards were also started to create public awareness of valid and objective measures of performance and promote a better understanding of the results achieved, create public awareness of the purposes of organizations, how they function and their achievements and to cultivate and maintain relationships with participants.
The awards are open to all organizations that produce annual reports within Uganda. According to ICPAU, each annual report is judged against itself, based on its success in communicating its organization’s story.
Over the years, Uganda Development Bank has walked home with accolades for their outstanding performance at the FiRe awards for its adoption of good practice in Financial Reporting. This year 2018 saw them walk away with two much sought after awards
Uganda Development Bank, the only Development Finance Institute in the country, emerged as the 2018 Financial Reporting Award Winner Banking Services and 2018 Bronze award for of the Excellent Financial Reporting at the recent FiRe Awards held at Serena Hotel in Uganda.