Christine Kagendo 
The promoters of the Financial Reporting (FiRe) Award 2025 have urged public sector organisations to accelerate the adoption of Accrual Basis of Accounting in line with the government’s reform agenda.
The private sector organisations have also been encouraged to embrace International Financial Reporting Standards (IFRS) as a gateway to capital markets, investor confidence, and global competitiveness. This was said during the launch of the FiRe Award 2025 today in Nairobi.
Promoters of the Award, namely the Capital Markets Authority (CMA), the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE), the Retirement Benefits Authority (RBA) and the Public Sector Accounting Standards Board (PSASB), have urged public and private sector entities to embrace internationally recognised frameworks.
These frameworks include the International Public Sector Accounting Standards (IPSAS) and IFRS, critical to Kenya’s continued efforts to align with global best practices in financial reporting.
ICPAK CEO and Chair, FiRe Award Executive Committee, CPA Dr.Grace Kamau, said that compliance is not simply a regulatory obligation – it is a strategic requirement that demonstrates integrity, improves comparability across borders, and strengthens public trust in institutions.
“We steadfastly champion excellence in financial reporting – not merely as a procedural duty, but as the foundation of transparency, accountability, and investor confidence.
This year’s theme is a clear call to all reporting entities to adhere to international financial reporting and public sector accounting standards.
Strong financial disclosures are the language through which credibility is built and maintained.”
At the heart of this push is Kenya’s transition from cash-based accounting to accrual-based accounting.This shift will enable government institutions to capture a fuller picture of their financial position by recognising assets, liabilities, revenues, and expenses when they occur, rather than when cash changes hands.
“Compliance with international standards like IPSAS and IFRS enhances transparency, comparability, and accountability across sectors,” PSASB CEO, CPA Georgina Muchai, said in a speech read, on her behalf, by CPA Edwin Tito, Director, Internal Audit Standards, during the FiRe Award 2025.
“This year’s FiRe Award is not just about excellence in reporting. It’s about helping Kenya meet its national goals through accurate, timely and sustainable financial information.
As you are all aware, the cabinet sitting held on 7th of March 2024, approved the transition from Cash Basis to Accrual Basis of Accounting.
This was formalized through Gazette Notice No. 11033, which rolled out the transition process across National Government MDAs and Counties over the next three year, beginning 1st July 2024.”
The FiRe Award – now in its 24th year – serves as the premier platform for recognising excellence in financial reporting in East Africa.
It provides a benchmark for public and private organisations to assess and improve their reporting quality while fostering a culture of compliance, openness, and ethical governance.
This year’s Award theme is “Compliance with International Standards to Enhance Transparency, Comparability & Accountability.”
Participation in the FiRe Award has seen a steady and encouraging rise in recent years, growing from 793 entities in 2022 to 844 in 2023 and reaching an impressive 1,032 entities in the 2024 edition.
This upward trend reflects a deepening commitment to financial reporting excellence across sectors.
The Capital Markets Authority (CMA) CEO, Mr.Wyckliffe Shamiah said that increased globalisation, interconnectedness of financial markets, and advancements in technology have changed the way the securities industry operates.
This has led to a changed regulatory oversight approach, where enhanced and timely information-sharing and cooperation are pillars of effective enforcement actions.
“In May 2025, we signed the Enhanced Multilateral Memorandum of Understanding (EMMoU) and this is aligned with the 2025 theme of fostering compliance with international standards to enhance transparency, comparability and accountability.
The EMMoU is the global benchmark for international cooperation in enforcing securities laws and regulations, considering the evolution of technology.”
RBA CEO, Mr. Charles Machira said: “As we unveil the 2025 Financial Reporting (FiRe) Award, we celebrate the continued partnership among the promoters united by a shared commitment to excellence in financial reporting.
This year, we call upon all retirement benefits schemes to participate and demonstrate leadership in transparency, governance, and sustainability reporting.
The 2024 edition showcased remarkable advancements, and we look forward to building on that success as we raise the standard even higher.”
As organisations prepare their submissions for 2025, sustainability has emerged as a key area of focus.Stakeholders are calling for more robust reporting on environmental, social, and governance (ESG) issues, especially in light of global efforts to combat climate change and promote responsible business practices.
Integrating sustainability into financial disclosures ensures that users of financial reports can evaluate both financial performance and long-term impact.
Commenting on the launch, the CEO of NSE, Mr. Frank Mwiti, said: “The Award is a clear testament to the commitment of stakeholders in advancing excellence in financial reporting. It supports the country’s efforts to stay aligned with the evolving global reporting landscape.
Also, the Award enhances Kenya’s appeal to investors by encouraging greater transparency and disclosures, ultimately driving increased investments and capital inflows.”
As the countdown to the FiRe Award 2025 ceremony begins, organisations are reminded that excellence in financial reporting is no longer optional. It is a strategic imperative for sustainable development, public trust,and global alignment.
