By Silvia Nyambura
More organizations in Uganda are appreciating the relevance of good financial reporting. This is evidenced by the increasing number of submissions to the annual Financial Reporting (FiRe) awards organized by the Institute of Certified Public Accountants (ICPAU). This year, there were 37 new entrants with 91 overall entries. Despite this growth, the percentage of national participation remains low.
According to ICPAU President Protazio Begumisa, more Ugandan organizations need to embrace the drive to improve financial reporting, for the development of the country.
Speaking at the awards ceremony held in the week ending 11th November 2016, Begumisa said, “The value of the accountancy profession is well articulated within the financial reporting enterprise and thus the value addition in the economy. Organizations which scored below average at their first participation awards have demonstrated improved performance on subsequent years. The FiRe awards have impacted participants in various ways. This is demonstrated by the increase in funding for Non-Governmental Organizations, increase in shareholder numbers for listed entities, among others. Good financial reporting is undoubtedly a measure for business success.”
Giving the key note speech on behalf of the Permanent Secretary, Secretary to the Treasury, Lawrence Semakula said, “Successful and high performing companies are premised on building stakeholder confidence. They do this by honing their communication channels, meeting the information needs of stakeholders, internally engaging and involving the workforce, linking the organization’s objectives to stakeholder interests, providing criteria for decision making, being transparent and reviewing successes.”
He explained the FiRe Awards are an excellent example of how accountants can showcase the role of the accountancy profession to the whole world.
Lion Assurance emerged winner of this year’s awards while Stanbic Bank and Centenary Bank took the Silver and Bronze awards respectively.
Nyambura is a senior journalist based in Kampala