Strathmore wins 2021 Not-For-Profit Financial Reporting Award

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Strathmore University emerged winners in the Not-For-Profit category at this year’s Financial Reporting (FiRe) Awards Ceremony.

The FiRe Award – a joint initiative of the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Market Authority (CMA) Kenya, the Nairobi Securities Exchange (NSE), and the Public Sector Accounting Standards Board (PSASB) – seeks to promote excellence in financial reporting by enhancing accountability, transparency and integrity. The award, the most prestigious for financial reporting in East Africa, is a result of a rigorous evaluation process using globally accepted principles and best practice standards such as International Financial Reporting Standards (IFRSs).

Open to all entities that prepare annual reports and financial statements, the award doubles up as a healthy gauge for the compliance trends among corporate entities. The total number of entities that enrolled in this year’s Financial Reporting (FiRe) Award increased by 133 percent to 844 from 362 recorded in 2021 for both public and private sector entities. The overall winner was Stanbic Bank Kenya.

The theme of this year’s award ceremony that took place at the Safari Park Hotel on Friday, December 15, was ‘promoting excellence in financial reporting through integrating financial and non-financial reporting’. It was noted that more and more entities are embracing financial reporting trends including the adoption of new accounting standards and implementation of environmental, social and governance (ESG) reporting.

 

You can access the 2021 Annual Report here.

 

Congratulations to the University Finance and Communications departments, for the job well done.

 

 

This article was written by Wambui Gachari. 

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