The Financial Reporting (FiRe) Awards are Awards of Excellence introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and other best practices in corporate reporting.
In 1998, the Institute 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. The FiRe Awards presented an effective approach. The Awards allow participating organisations to benchmark their reports against the set criteria of good corporate reporting.
The FiRe Awards are organised by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority, the Uganda Securities Exchange, and New Vision as the Media Partner.
The Awards are open to all entities that prepare annual reports, including the following broad categories:
- Public sector entities: MDAs, Local Governments, Statutory bodies and commissions, State Enterprises
- Not-for-profit organizations
- Private sector entities: Financial Services, Consumer & Industry, Construction, Manufacturing, Entertainment, Education, Health, Regulatory Bodies and Associations
All entrants receive valuable feedback from the FiRe Awards Committee on how to make improvements and take their reporting to the next level with a coveted confidential feedback report from the independent evaluators.
The entities are judged in four broad categories:
- financial reporting
- corporate governance disclosure
- sustainability reporting, and
- presentation and communication
ICPAU, the Uganda Securities Exchange (USE), and the Capital Markets Authority (CMA) will hold the 2024 Financial Reporting (FiRe) Awards. This year, the Awards will run under the Theme: “Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress”.