Kampala — Good corporate governance, high technical skills of staff and transparency have helped large corporations in the country to win many awards in different categories in financial reporting.
This reflects a well functioning economy.
The objective of financial reporting is to provide information about the financial position, performance and changes in the financial position of an enterprise that is useful to a wide range of users in making economic decisions.
The Financial Reporting Awards which took place last week at the Kampala Serena Hotel, saw Stanbic Bank Uganda, the largest commercial bank in Uganda emerge the overall winner of this year's Financial Reporting (FiRe) awards.
The bank won the report of the year 2017 Gold award, banking services award, sustainability reporting award and the best listed entity award.
National Social Security Fund (NSSF) followed suit, winning report of the year silver award, public sector, good corporate governance, communications awards.
National Water and Sewerage Corporation won the communication award, and first runner up award in the category of public sector.
Dfcu Limited won the bronze award in the category of the report the year and first runner up award in the banking services.
Electricity Regulatory Authority won in the category of regulatory bodies and associations.
Financial reporting helps organisations to comply with various statues and regulatory requirements. The organisations are required to file financial statements to regulatory bodies or government agencies. In case of listed companies, quarterly as well as annual results are required to be filed to stock exchanges and published.
The financial reporting award is an annual event jointly organised by the Institute of Certified Public Accountants of Uganda (ICPAU), Capital Markets Authority and Uganda Securities Exchange to encourage financial reporting by both public and private companies.
Mr Fredrick Kibbedi, the chairman of FiRE award committee and vice president of the ICPAU, said Uganda can actulise her middle income dream if businesses grow through innovation and value addition.
Mr Kibbedi said the FiRe awards provide an opportunity to realise a shift in financial reporting in this country.