17 August 2017

Rwanda: SMEs Urged to Embrace Strong Financial Reporting Systems

Small-and-medium enterprises (SMEs) have been urged to embrace strong financial reporting systems to ensure proper accountability and data driven decision-making operations.

Jean Claude Binder Mucyo, the business development and training officer at Institute of Certified Public Accountants of Rwanda (ICPAR), said that for firms to grow sustainably, they must put in place strong financial reporting and governance systems.

This was during a two-day training workshop on taxation and International Financial Reporting Standards (IFRS) for SMEs in Kigali yesterday.

The seminar was organised by the institute as part of the organisation's continuous member training on various issues, including taxation, internal audit and leadership, among others. According to Mucyo, the training sought to equip accountants with simplified IFRS skills as well as IFRS for SMEs reporting framework.

"Members will also learn new accounting standards that will ease their financial reporting," he said, adding that it is important for companies to comply and apply financial reporting standards to ensure transparency, corporate governance and deter vices like fraud and corruption.

The official said the skills are also essential to improve the financial reporting in firms that are not listed on stock exchange and those that are not compelled by law to declare their books for public accountability purposes.

Speaking at the event, Georgette Giramahoro, the head of public relations, communication and marketing, said continuous professional training builds the capacity of accountants and enables them to perform their roles better and become competitive in the job market "since they have more hands-on and practical skills."

"Accountants acquire skills through professional courses that enable them solve problems and challenges they could be facing at their places of work or with their customers," said Giramahoro, adding that such platforms give them an opportunity to meet new clients and professional colleagues.

She said the institute carries out continuous professional development training, and the organisation focused on IFRS for SMEs international financial reporting standards this month.

Meanwhile, a new software that will ease financial reporting was unveiled at the workshop.

ICAPR officials said the application is "less complex" and fast in analysing financial data, among others.

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