The Institute of Certified Public Accountants Uganda (ICPAU) has announced the 13th edition of the Financial Reporting Awards (2023 FiRe Awards).
KAMPALA, UGANDA | NOW THEN DIGITAL — The Institute of Certified Public Accountants Uganda (ICPAU) has announced the upcoming 13th edition of the Financial Reporting Awards (FiRe Awards) for 2023.
This prestigious event is scheduled to take place on November 1, 2023, under the theme “ESG: Reporting as Brand Storytelling.” The launch of the awards was held at Protea Hotel by Marriott Kampala Skyz in Naguru on Tuesday, where key figures from ICPAU shared their insights.
The 13th edition of the Financial Reporting Awards organized by ICPAU will bring together companies from various sectors to celebrate excellence in corporate reporting. With a focus on ESG reporting and brand storytelling, the awards aim to promote transparency, compliance with international standards, and the diverse reporting interests of stakeholders.
Promoting Quality Corporate Reporting in Uganda
CPA Charles Lutimba, Director of Standards and Regulations at ICPAU, expressed his appreciation for the growing participation in the FiRe Awards. The annual ceremony, chaired by CPA Stephen Ineget, aims to enhance the quality of corporate reporting in Uganda.
It recognizes and rewards entities from various sectors, including private, public, and non-profit organizations, based on their adherence to the International Financial Reporting Standards (IFRS) and other emerging practices such as Environmental, Social, and Governance (ESG) reporting.
Evaluating Best Practices and Compliance
The awards committee will evaluate companies in different categories to assess their adherence to best practices. This evaluation will determine whether organizations are operating in accordance with industry standards.
By recognizing excellence in corporate reporting, the awards aim to encourage effective communication of financial and business information. Additionally, they raise public awareness regarding the contributions of organizations in fulfilling the ESG agenda.
Embracing Diverse Stakeholder Needs
CPA Derick Nkajja, CEO of ICPAU, emphasized the importance of organizations adopting a deliberate approach to embrace the diverse needs of their stakeholders. The 2023 FiRe Awards provide organizations with an opportunity to showcase their embrace of ESG principles.
By doing so, they recognize the varying reporting interests of their stakeholders. The integration of ESG practices not only enhances corporate reputation but also plays a crucial role in marketing-based financing.
“The 2023 FiRe Awards seek to give organisations a chance to tell their story and how they have embraced ESG as a way of recognising the diverse reporting interests of their stakeholders,” said Nkajja.
Acknowledging the Role of Media and Advocating for ESG Reporting
Peter Victor Kwagala, Business Development Manager, expressed his appreciation for the media’s support and continued advocacy for companies to adopt ESG reporting.
Recognizing that presenting annual reports is a reflection of a company’s values and performance, Danish Mohammad, CEO of Liberty Life Assurance, shared his previous experience as a FiRe Awards winner, highlighting the importance of transparent and informative reporting.
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Partnerships and Sponsorships
The FiRe Awards are proudly sponsored by esteemed organizations such as the Capital Markets Authority, Uganda Securities Exchange, and New Vision, among others.
Their support further underscores the significance of promoting excellence in corporate reporting and fostering a culture of transparency and accountability in Uganda’s business landscape.
What is an Integrated Report?
Let's define it 👇#ICPAUFiReAwards23 pic.twitter.com/OsY1AZB5Ss
— ICPAU 🇺🇬 (@ICPAU1) June 20, 2023
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