10th November 2022, Kampala, Uganda: Liberty Uganda scooped two awards at this year’s Financial Reporting (FIRE) Awards at Hotel Africana. Liberty Life Assurance Uganda emerged as the Winner, while Liberty General Insurance Uganda came up as the 1st Runner Insurance Service.
The FIRE Awards, organized by the Institute of Public Certified Accountants Uganda, is an annual ceremony through which excellence in financial reporting is recognized and rewarded.
Organizations in the private, public and non-profit sectors submit their annual reports for the year under review, and the best performers are rewarded based on their compliance with International Financial Reporting Standards and other best practices in reporting.
This year’s awards were held under the theme: Corporate Reporting, Strengthening Environmental, Social and Governance Reporting.
Speaking at the event, The Minister of State for Finance Planning and Economic Development, CPA Henry Musasizi, who was the Chief Guest, said that giving these awards is one way to enhance the quality of Financial and business reporting in Uganda because it encourages the implementation of International Financial Reporting Standards and Best practices.
Organizers said that reports were well-designed, easy to navigate, and made good use of icons to enable the reader to make the necessary links between the various content elements.
The report layout, summaries and highlights provided useful context for the detailed information presented in the report.
Commenting about the milestone, the Managing director of Liberty Life Assurance Uganda, Joseph Almeida, said, “These awards are a testament to our international standards in financial reporting. We thank the judges for selecting us as the winners of these awards. We dedicate this award to our customers and staff, without whom we would have nothing to report about”.
Liberty General Insurance Managing Director Peter Makhanu said, “It’s motivation on our side to ensure that next time we emerge on the very top, but we are also honored for winning an award.”
According to the organizers, all entities presented a special integrated report and demonstrated a high level of adherence to the guiding principles and content elements of the integrated reporting framework.