Umeme has scooped the Gold award at the 3rd annual Financial Reporting (FiRe) awards out of the 64 entries for this year’s awards organized by the Institute of Certified Public Accountants of Uganda (ICPAU) which run under the theme “Financial Reporting: value addition through Transparency.” It was closely followed by Centenary bank with the silver award and Lion Assurance with the bronze award. National water and sewerage Coporation won the public sector financial reporting award followed by NSSF as the second runner.
This year’s awards registered a 63% rise in entries which is a testament to a hunger by accountants to prepare more interactive financial reports. A panel of evaluators analysed the reports for adherence to legal and regulatory requirements, financial reporting standards, corporate governance, sustainability reporting and the quality of communication and presentation.
Maria Kiwanuka, the finance minister noted that financial reporting anchors on the premise of proper resource management. She said that employers are expected to have the right caliber of staff in accountancy related positions and that organizations must sell themselves through their annual reports and deeds so as to attract funding.
Small and medium enterprises (SMEs) were urged by the ICPAU boss, Derrick Nkajja to prepare their financial reports by following the international financial reporting standards for SMEs so as to compete in the SME category. 32987