This archive report was first published on 3 July 2019.
On July 3, 2019, the Capital Markets Authority (CMA) emphasized the importance of enhanced financial reporting in attracting investors to the East African region.
CMA chief executive Paul Muthaura stated that the opportunities presented by the Continental Free Trade Area require enhanced financial disclosures that can attract investors.
Speaking during the launch of the 18th edition of the Financial Reporting (FiRe) Award, Mr. Muthaura noted that the adoption of sound financial reporting, governance, and accountability in the region will be crucial in realizing the potential for business growth.
He added that the adoption of high standards will be key in attracting investors to the region, particularly through the capital markets.
The theme of this year's FiRe Awards is 'Enhancing corporate value through excellence in financial reporting for cross-border trade and investment facilitation in East Africa and beyond.'
Nairobi Securities Exchange CEO Geoffrey Odundo emphasized the importance of high-quality reporting and a sturdy regulatory framework for Kenya in mobilizing domestic investments and international capital flow into the country.
ICPAK chief executive Edwin Makori noted that the incorporation of public entities in the awards has helped more entities strengthen reporting, having moved from cash reporting.
Started in 2002, the FiRe Awards seek to promote excellence in financial reporting among regional entities.
