By Joan Abaasa
Communications Officer, ICPAU
CPA Josephine Ossiya, the President of the Institute of Certified Public Accountants of Uganda (ICPAU) has urged leaders of organisations to support the implementation of the IFRS Sustainability Disclosure Standards in Uganda.
In a speech delivered for her by the Vice President of ICPAU, CPA Ronald Mutumba during the 2024 Financial Reporting (FiRe) Awards, Ossiya notified participants that the ICPAU Council had approved the adoption of the IFRS Sustainability Disclosure Standards for use in Uganda on 7 August 2024, setting the stage for uniform sustainability and climate-related reporting across Uganda and on a global scale.
She added that stakeholder consultations are underway, and ICPAU will soon release an implementation roadmap.
During the ceremony, Ossiya emphasised the importance of high-quality corporate reporting as a benchmark of organisational success and sustainability, commending the FiRe Awards participants for their dedication to excellence.
“We are proud to celebrate your accomplishments and we look forward to the sustainable impact of your achievements in your respective organisations,” she remarked.
The President also drew attention to Section 16(5) of the Tax Procedures Code Act, which requires taxpayers with an annual turnover of 500 million shillings or more to furnish with their return of income audited financial statements prepared by an accountant registered by ICPAU.
She applauded the Uganda Revenue Authority (URA) for enforcing this provision, and encouraged members of the public to comply with the law..
She further encouraged accountants to provide the necessary support to their employers and/or clients professionally.
The president extended gratitude to the FiRe Awards partners, including the Capital Markets Authority, Uganda Securities Exchange, and Vision Group, whose ongoing support since 2011 has strengthened the awards. Additional support came from the Uganda Insurers Association, Uganda National Oil Company, and Bank of Uganda.
The 2024 FiRe Awards ceremony was held on 6 November at the Kampala Serena Hotel. The FiRe Awards were 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. The theme for 2024 was
Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress.
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