Kampala- Basing on the new Accountants Act in place, the ministry of Finance has called on all practising accountants in the public and private sectors to register with the Institute of Certified Public Accountants of Uganda (ICPAU), saying it is a law that must be adhered to.
Addressing guests during the financial reporting awards at the Kampala Serena Hotel last Thursday, Finance minister Maria Kiwanuka said: “Every accountant practicing accounting in the country must register with Institute of Certified Public Accountants of Uganda.”
Financial reporting refers to the periodic production of business financial statements. Financial statements include the balance sheet. The balance sheet summarizes a company’s assets, liabilities and shareholders’ equity over time.
Ms Kiwanuka said both the public and private sector benefits so much from good financial reporting done by the accountants because a financial report provides clear picture of the company.
She said: “Good financial reporting has fare reaching impact in the country’s economic performance the accountants have to promote the accounting profession we standard ready to support you.”
The minister added that good financial reporting done by the accountants can boost the productivity of their enterprise, adding that good financial reports available attracts more investors both foreigners in an economy.
Without adequate information, investors cannot properly judge the opportunities and risks of investment alternatives. To make informed decisions, investors use information about the economy, various industries, specific companies, and the products or services those companies sell.
SOURCE: Daily Monitor