Nairobi July 31, 2017…. The promoters of Fire Award (Excellence in Financial Reporting Award) have announced the launch of the 2017 edition, which is expected to witness increased public sector participation, following the adoption of the International Public Sector Accounting Standards as the reporting framework in Kenya in 2014. The promoters of the Fire Award are; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants of Kenya (ICPAK). The coveted FiRe Award is in its sixteenth year since it was launched in 2002.
The Fire Award has grown in stature and profile, especially due to the impetus from public sector participation. There 303 entries from the public sector in 2016, besides the 95 entries from the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 398 in 2016 compared 376 in 2015. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments.
The PSASB Chairman, Mr Bernard Ndung’u, who is also the Director General of Accounting Services at the National Treasury, said, ’’increased participation by the public sector demonstrates commitment to more open accountability in the use of public funds and offers public sector entities an opportunity to be assessed against global standards through the International Public Sector Accounting Standards. We expect about 400 public sector entries this year’’.
According to the ICPAK Acting Chief Executive, Mr. Edwin Makori, 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.
Mr Makori said, ‘’Poor corporate governance and inadequate reporting often causes corporate failure when issues emerge that should have been addressed earlier. We encourage entities to enhance shareholder value through responsible and transparent financial reporting and strong corporate governance structures to ensure business sustainability.”
The Capital Markets Authority Chief Executive, Mr. Paul Muthaura, observed “responsible financial reporting and corporate governance disclosures are critical pillars to ensure our capital markets remain robust and profile Kenya as the preeminent destination of capital with high levels of investor and issuer confidence. A robust reporting and disclosure framework ensures investment decisions are based on accurate and timely disclosures to enhance confidence in the capital markets. Our involvement in Fire Award underscores our commitment to encourage excellence in financial reporting regionally, which is important for business sustainability and growth of our economies”.
Speaking during the launch Mr. Geoffrey Odundo, Chief Executive, NSE said “Governance and transparency in firms constitute major concerns in today’s business. A financial system supported by strong governance standards and a strong regulatory framework is crucial to economic development. We encourage both listed and non-listed entities, to enter the 2017 FiRe Award by presenting their 2016 financial statements for review and assessment by independent evaluators, enhancing their reporting standards and ultimately boosting investor confidence and participation in our markets”.
Fire Award focus on voluntary disclosure of relevant information in annual reports that go significantly beyond the minimum legal and regulatory requirements. The award continues to embed a strong financial reporting and disclosure culture in Kenya.
For more information, visit our website: http://www.fireaward.org
|NO||CATEGORY||WINNER||1ST RUNNER UP||2ND RUNNER UP|
|1||Agriculture||KAPCHORUA TEA LIMITED|
|2||Bank||BARCLAYS BANK OF KENYA||STANDARD CHARTERED BANK OF KENYA LIMITED||CRDB BANK PLC|
|3||Independent Offices & Constitutional Commissions||OFFICE OF THE CONTROLLER OF BUDGET||INDEPENDENT POLICING OVERSIGHT AUTHORITY||PUBLIC SERVICE COMMISSION|
|4||Industrial, Commercial & Services||SAMEER AFRICA||EAST AFRICAN CABLES||BRITISH AMERICAN TOBACCO (K) LIMITED|
|5||Insurance||AFRICA REINSURANCE CORPORATION||BRITAM HOLDINGS LIMITED||JUBILEE INSURANCE COMPANY OF KENYA LIMITED|
|6||Micro Finance Institutions||FAULU MICROFINANCE BANK|
|7||MINISTRIES||STATE DEPARTMENT OF FISHERIES|
|8||Not for Profit||STRATHMORE UNIVERSITY||KENYA POWER PENSION FUND – DC||KENYA POWER PENSION FUND – DB|
|9||Sacco||STIMA SACCO SOCIETY LIMITED||UN SACCO||UNAITAS SACCO|
|11||LISTED||BARCLAYS BANK OF KENYA||SAMEER AFRICA|
|12||STATE CORPORATIONS AND SEMI-AUTONOMOUS GOVERNMENT AGENCIES (SAGAs)||KENYA ROADS BOARD||CENTRAL BANK OF KENYA||KENYA ELECTRICITY GENERATING COMPANY LIMITED|
|13||IPSAS CASH||OFFICE OF THE CONTROLLER OF BUDGET||INDEPENDENT POLICING OVERSIGHT AUTHORITY||STATE DEPARTMENT OF FISHERIES|
|14||IPSAS ACCRUAL||KENYA ROADS BOARD||KENYA UNIVERSITIES AND COLLEGES CENTRAL PLACEMENT||NATIONAL COUNCIL FOR LAW REPORTING|
|15||IFRS for SME||KENYA BANKERS ASSOCIATION|
|16||IFRS (Public Sector Entities)||CENTRAL BANK OF KENYA||KENYA ELECTRICITY GENERATING COMPANY LIMITED||IDB CAPITAL LIMITED|
|17||IFRS||BARCLAYS BANK OF KENYA||EQUITY GROUP HOLDINGS LIMITED||KENYA POWER PENSION FUND – DC|
|18||BEST PFM||KENYA UNIVERSITIES AND COLLEGES CENTRAL PLACEMENT||NATIONAL COUNCIL FOR LAW REPORTING|
|19||Environmental & Social Reporting||UMEME LIMITED||BAMBURI CEMENT LIMITED||KCB GROUP|
|20||Governance||BARCLAYS BANK OF KENYA||SAFARICOM LIMITED||BRITISH AMERICAN TOBACCO (K) LIMITED|
|22||Rwanda||BANK OF KIGALI|
|23||Tanzania||CRDB BANK PLC|
|24||Uganda||STANBIC BANK UGANDA|
|25||Kenya||BARCLAYS BANK OF KENYA|
|26||BEST PUBLIC SECTOR||KENYA ROADS BOARD|
|27||OVERALL||BARCLAYS BANK OF KENYA|