On 16^th November 2018, the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Markets Authority (CMA), the Nairobi Stock Exchange (NSE) and the Public Sector Accounting Standards Board (PSASB) awarded Financial Reporting (FiRe) Awards to various business entities both for profit and not for profit for Leveraging Improved Financial Reporting and Corporate Governance for economic growth and development in East Africa Region.

The awards are the result of a rigorous evaluation process using globally accepted principles and best practice standards. This guiding principles include the International Financial Reporting Frameworks (IFRS) and the International Public Sector Accounting Standards (IPSAS), best practices in governance and environmental and sustainability reporting as well as other legal and regulatory reporting requirements that are specific to a particular reporting entity.

“In order to strengthen financial markets and attract investments in Kenya, we as a country need to make financial disclosures of our activities to enable stakeholders in their economic decisions” says Vincent Ndoloka, Strathmore University, Executive Director, Finance.

This year’s FiRe Awards attracted 503 entries, 408 of which were public sector entries, a clear indication that the decision to adopt IPSAS in 2014, as the reporting framework, is bearing fruit. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments. The other 95 entries were from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions.

“For the University, this report allows different departments to take stock of their activities and cross check if indeed they are aligned to the overall university strategy. Moreover, it gives the university an opportunity to embrace integrated reporting which is now the recommended way of reporting on its financial matters” adds, Betty Ngala, Strathmore University, Director University Relations and Communications.

The award which was founded in 2002 and is presented annually recognizes and awards the best reporting entities in East Africa.

We congratulate all the winners of the 2018 FiRe Awards.

This article was compiled by Anne Njoroge

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