Kenya’s public and private sector organizations are being encouraged to adopt International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) as part of a broader push to attract capital, increase investor trust, and improve the country’s global competitiveness.

The call was made during the official launch of the 24th Financial Reporting (FiRe) Award in Nairobi on 3rd Aug 2025, at an event that brought together leaders from key financial and regulatory institutions, including the Capital Markets Authority (CMA), Institute of Certified Public Accountants of Kenya (ICPAK), Nairobi Securities Exchange (NSE), Retirement Benefits Authority (RBA), and the Public Sector Accounting Standards Board (PSASB).

Speaking at the event, ICPAK Chief Executive Officer and FiRe Award Executive Committee Chairperson Grace Kamau said that financial reporting should no longer be viewed as a compliance box to tick, but as a strategic tool to build public trust and uphold integrity in organizations.

“Financial reporting is the foundation of credibility and investor assurance. Strong and transparent disclosures are the language of trust,” she said in remarks read on her behalf by CPA Edwin Tito.

Dr Kamau added that the FiRe Award, which began as a modest initiative to promote transparency, has grown into a prestigious regional platform.

It now attracts a wide range of participants from across East Africa including listed companies, pension funds, Saccos, banks, public agencies, and non-profit entities for their excellence in financial reporting, governance, and sustainability disclosures.

CMA CEO Wycliffe Shamiah echoed those sentiments, stressing the importance of timely disclosures and international collaboration. He referenced Kenya’s May 2025 signing of the Enhanced Multilateral Memorandum of Understanding (EMMoU) on securities regulation as evidence of the country's commitment to aligning with global financial standards.

NSE CEO Frank Mwiti described the FiRe Award as a symbol of Kenya’s dedication to transparency and international best practices. He emphasized that this year’s theme "Fostering Compliance with International Standards to Enhance Transparency, Comparability, and Accountability" reflects the real-world challenges and opportunities facing organizations amid evolving global reporting norms.

"Adoption of IFRS, integrated reporting, and enhanced disclosure frameworks is no longer optional. It is essential," Mwiti said. "These standards offer a shared language through which investors and the public can assess the financial strength and long-term value of organizations."

RBA CEO Charles Machira urged pension schemes and retirement benefits providers to lead the way in embedding governance, sustainability, and transparency into their reporting practices.

Participation in the FiRe Award has grown significantly, with submissions rising from 793 in 2022 to 1,032 in 2024. Organizers anticipate even greater participation this year, driven by the increasing importance of environmental, social, and governance (ESG) metrics and sustainability reporting.

ICPAK also announced plans to enhance training on IFRS and IPSAS, strengthen evaluation frameworks, and build institutional capacity to address emerging trends including integrated and climate-related disclosures.

The evaluation process for the 2025 FiRe Award is now officially underway, with winners expected to be announced in early December.