FIRE AWARD 2019 LAUNCH
Nairobi – July 3, 2019 - The promoters of FiRe Award (Excellence in Financial Reporting Award) have announced the launch of the 2019 edition, with this year’s event focusing on enhancing confidence by deepening best corporate governance practices in the region. The event whose theme is “Enhancing corporate value through excellence in financial reporting for cross-border trade and investment facilitation in East Africa and beyond” comes on the back of a keener focus on regional trade and investment.
The continued participation of the public sector is key in improving reporting and corporate governance practices in the sector, which is expected to inspire more confidence in public sector entities in Kenya. The public sector participation follows 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 Keya (ICPAK).
The coveted FiRe Award is in its eighteenth year since it was launched in 2002. The public sector entities expected to participate in the 2019 FiRe Award include; Ministries, Departments and Agencies, State Corporations, Semi-Autonomous Government Agencies and the County Governments.
The PSASB Chairman, CPA Bernard Ndung'u, who is also the Director General of Accounting Services at the National Treasury, said, “the participation of public sector entities in FiRe Award is a demonstration of the commitment to transparency in how public resources are utilized and an opportunity for feedback to public sector entities on how they can improve their financial reporting on a continuous basis to entrench the best practises.’’
According to the ICPAK Chief Executive, Mr. Edwin Makori, the international financial reporting has been in Kenya since the year 2001 and the international public sector standards was adopted in Kenya in the year 2014 with the establishment of the Public Sector Accounting Standards Board (PSASB). Mr. Makoro said ‘’the Fire Award has been going on for 18 years awarding excellence in financial reporting. One of the Institute of Certified public Accountants of Kenya’s mandate is to develop and implement the financial reporting standards. It is with this background that the institute teamed up with NSE, CMA and PSASB to promote the FiRe award, and will continue doing so’’.
The Capital Markets Authority Chief Executive, Mr. Paul Muthaura, observed “high standards in financial reporting and corporate governance practices are fundamental in positioning Kenya as the preeminent financing and investment hub in the region. Following the official launch of the Africa Continental Free Trade Area, there will be increased opportunities for business growth through trade and investment but the sustainability of this growth will rely on the quality of financial reporting adopted. Sound reporting ensures and increase in transparency on evolving corporate value. The adoption of high standards is therefore an important foundation for attracting investors, particularly through the capital markets, as Kenya seeks to be the heart of African capital markets and meet the funding needs to facilitate the attainment of the Big 4 Agenda’’
Speaking during the launch Mr. Geoffrey Odundo, Chief Executive, NSE noted, “As an Exchange, we are committed to supporting the awards at it seeks to enhance a strong financial system supported by robust governance, high quality financial reporting standards and a sturdy regulatory framework which is fundamental in mobilizing domestic investments and international capital flow to Kenya”.
The award ceremony of the FiRe Award 2019 will be held on November 8, 2019 in Nairobi. It will be preceded by a conference to engage key stakeholders on topical issues which will be held on November 7, 2019.
BACKGROUND INFORMATION ON THE FIRE AWARD
The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The Award is presented annually, during a colorful, gala evening hosted by the joint promoters; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Institute of Certified Public Accountants of Kenya (ICPAK). For the last sixteen (16) years, the FiRe Award has recognized and awarded the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (PSASB): The PSASB is a statutory body established under Section 192 of the Public Finance Management Act (PFM) No. 18 of 2012. The Board is mandated to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities.
ICPAK: The Institute of Certified Public Accountants of Kenya (ICPAK) is a statutory body that regulates the profession of accountancy in Kenya. The Institute has achieved recognition as a professional body for its contribution in finance and accounting education, governance, professional development, maintenance of high accounting, auditing and ethical standards. As a professional body concerned with protection of public interest, ICPAK is one of the most active thought leaders in governance and economic matters in the country and the region.
NSE: The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE), an associate member of the Association of Futures Markets (AFM) and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE).
CMA: The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; reviewing the legal framework to respond to market dynamics; promoting investor education and public awareness; and protecting investors’ interest.
For more information visit our website: http://www.fireaward.org