Tuesday, November 15, 2016 

Lions Assurance tops Uganda financial reporting

KAMPALA, UGANDA - Lion Assurance Company became the first insurerto win the 2016 Institute of Certified Public Accountants of Uganda organized Financial reporting award aimed at rewarding financial reporting. 

The insurers dislodged Stanbic Bank, which has  for the last two consecutive years produced the best financial report.

“The trend of financial reporting has evolved overtime, with transparency sustainability and integrated reporting assuming centre stage.

“The new financial report is more descriptive with the aim of increasing the communicative value of the report and thus spurs transparency in financial reporting,” Frederick Kibbedi, Chairman FiRe Awards Committee said last week.

He said this year, they received 91 entries up from 89 in 2015.

Stanbic Bank this time round came second to receive the silver award. Centenary Bank walked away with the Bronze award while the National Social Security Fund scooped the Corporate Governance and Sustainability Reporting Awards. 

Kibbedi said the non governmental organizations category, that was won by Brac Uganda received the largest number of entries just like it was in 2015.

Protazio Begumisa the President of ICPAU said they received 37 new entries this year.

“The value of the accountancy profession is well articulated within the financial reporting enterprise and thus the value addition in the economy,” said Begumisa. He said the Institute of Certified Public Accountants of Uganda will host the African Congress of Accountants (ACOA) in May 2017.

“We invite you to support ICPAU to showcase our country,” noted Begumisa.

He also decried the low national participation percentage of organizations from across the country in the FiRe Awards.

“Although the number of participating organizations keeps on increasing each year, it is also our desire that more organizations embrace the drive to improve financial reporting for the development of our nation,” Begumisa said.

By Paul Tentena, Tuesday, November 15th, 2016