11th October 2011…The Financial Reporting (FiRe) Award Celebrates 10 years of existence in acknowledging and rewarding excellence in financial reporting. This will be at a Gala Dinner to be held on 18th October 2011 at KICC, Tsavo Ballroom from 6pm. The Award is as a result of joint efforts of the founding Promoters: The Institute of Certified Public Accountants of Kenya (ICPAK); the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE).
Prior to the commencement of the FiRe Award was the Best Presented Accounts Award which was promoted by ICPAK. The Best Presented Accounts Award which ran for two years from 2000 considered only financial reporting. However, in 2002, the Promoters saw an increased need to recognize companies with best practices in corporate governance, Corporate Social Responsibility and environmental reporting hence giving birth to the FiRe Award.
Today, the FiRe Award seeks to enhance accountability, transparency and integrity in compliance with International Financial Reporting Standards and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa. This year, the competition has attracted about 86 entrants from Kenya (72), Uganda (4), Tanzania (3) and Rwanda (7).
All companies that prepare financial reports are welcome to submit their reports for evaluation between January and June every year for review in the Award. While preparing their reports, companies are tasked with the responsibility of ensuring that their stakeholders understand the financial status of their companies. Through a transparent evaluation process, the reports are examined and graded. Thereafter, individualized reports are sent to the participating companies for review and a chance to improve on their reporting.
“Financial excellence is judged by how transparent the report is from an accounting angle. He added that this is a challenge to many organizations and in most cases; the report just contains that which favors the organization as opposed to the actual financial status” explains Jim McFie, Chief Judge.