Barclays named best in financial reporting

Barclays Bank of Kenya has emerged the overall winner of the Financial Reporting (FiRe) Award. Culled from 399 entries, the lender also won in the banking, listed, governance and in the International Financial Reporting Standards (IFRS) categories.

During an event held at Windsor Hotel, other entities were also recognised for their breakthrough accomplishments in 24 different categories.

Kenya Roads Board won in the State Corporations and Semi-autonomous Government Agencies and best in Public Sector. Others that were awarded are Kapchorua Tea, Office of the Controller of Budget, Sameer Africa, Africa Reinsurance Corporation, Faulu Kenya, Kenya Bankers Association, Central Bank of Kenya and Strathmore University, among others.

The award seeks to promote 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 and public sectors domiciles in East Africa.

This year's event witnessed the largest number of public sector entries. "Enhanced transparency in financial reporting is expected in Kenya's public sector, following increased participation in the Excellence in Financial Report Awards (Fire Award) this year," said Mr Bernard Ndung'u, the chairman of Public Sector Accounting Standards Board (PSASB) and who is also the Director General of Accounting and Quality Assurance Services at the National Treasury.

He added that 303 public sector entities participated in the award and there are another 96 entries from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organisations, pension schemes and learning institutions, bringing the total entries to 399 in 2016 compared to 376 in 2015.

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Mr Fernandes Barasa, ICPAK National Chairman noted that "increased participation by the public sector underpins the commitment to more open accountability in the use of public funds and offers the entities an opportunity to be assessed against global standards."

The annual Award is organised by 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).

Mr Paul Muthaura, the CMA Chief Executive said "responsible financial reporting contributes significantly to ensuring that financial information put out by the entities is reliable and enables investors make informed decisions as they participate in the capital markets."