The Financial Reporting (FiRe) Award has launched its 19th edition and is inviting reporting entities to submit their Financial Reports for assessment for this year’s FiRe Award.
Private sector entries are open from September 22, 2021, to October 30, 2021 with similar opening also scheduled for public sector entities.
The FiRe Award is aimed at reviewing financial reporting compliance levels among corporate entities with this year’s event focusing on how the COVID 19 pandemic under the theme “Promoting Financial Reporting Excellence In An Uncertain Global Economy”.
This year, the Retirements Benefits Authority (RBA) has joined as a new promoter of the FiRe Award.
This means that all registered Retirement Benefits Schemes will participate by submitting their latest financial statements for evaluation and award in the “Pension Schemes Category”.
Other promoters who have joined the ward are the Institute of Certified Public Accountants of Kenya (ICPAK), Public Sector Accounting Standards Board (PSASB), Nairobi Securities Exchange (NSE), and the Capital Markets Authority (CMA).
“IPSAS and IFRS adoption has largely been positive in reducing investment risks and attracting capital. Disclosure of financial information has also helped in fostering financial prudence and public participation in financial management. This has indeed contributed to the enhancement of accountability and transparency of public funds,” said Fredrick Riaga, PSASB Chief Executive Officer.
The CMA Chief Executive Officer, FCPA Wycliffe Shamiah, said that ‘’COVID-19 still poses risks to regulated entities but the relaxation of the containment measures has resulted in positive signs of economic recovery, which is expected to lead to improved profitability for the listed and regulated entities’’. Mr. Shamiah observed that the capital markets have remained resilient, and is optimistic that the projected economic growth will support a steady recovery of the market.”
On the other hand, ICPAK Chief Executive Officer, CPA Edwin Makori, noted that the pandemic has greatly revolutionised accounting in the country.
“The pandemic has significantly changed how financial reporting is done. Over the years, our focus has been on the requirements of the standards. This year, our focus is on the practical challenges of applying the Accounting Standards amidst COVID-19,” said Makori.
Some of the areas that will be evaluated in this year’s Award include governance, environmental and sustainability reporting, compliance with applicable Accounting Standards and overall presentation of Annual Reports and Financial Statements.
Last year, FiRe Award attracted 244 entities from the public sector and 50 from the private sector, with similar numbers or more expected this year as the public sector deepens participation.
The FiRe Award ceremony will be held on December 17, 2021 to recognise the best performing entities.
