The promoters of Fire Award, who include the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants (ICPAK) have announced the launch of this year’s edition, expected to have increased public sector participation.
The Financial Reporting Award which is presented annually by its promoters, has in the past recognized the best financial reporting entities in East Africa and is in its fifteenth year.
It has grown in stature and profile, especially due to the impetus from public sector participation.
The PSASB Chairman, Mr. Bernard Ndung’u, who is also the Director General of Accounting Services at the National Treasury said that increased participation by public sector is vital as it offers entities an opportunity for assessment against global standards through the International Public Sector Accounting Standards.
Dr. Patrick Ngumi, who is the ICPAK Chief Executive was also keen to weigh in citing that increased public sector participation in the Fire Award creates an opportunity for enhanced disclosure of financial and non-financial information of public sector entities and contributes significantly to strengthening the informative value of public sector financial reporting as envisaged in the Public Financial Management Act, 2012.
Financial reporting on the radar
With regards to financial reporting Dr. Ngumi said, “Poor corporate governance and weak reporting often causes corporate failure. We want to encourage public and private sector entities to enhance shareholder value through responsible and transparent financial reporting and strong corporate governance structures.”
Highlighting the importance of financial reporting, the Capital Markets Authority Chief Executive, Mr. Paul Muthaura noted, “Responsible financial reporting is critical as it contributes significantly to ensuring the accountability and reliability of financial information provided to investors as they make decisions on participation in the capital markets.”
He added that their participation in the Fire Award emphasized their commitment to excellence in financial reporting regionally, given that it’s a vital component in ensuring economic growth and sustainability.
The deadline for submission of entries is 29 July 2016.