The Institute of Certified Public Accountants of Rwanda (ICPAR) has recognised organisations for excellence in financial reporting, governance and sustainability, with participation in its annual Financial Reporting and Excellence Awards (FREA) rising by 33 percent.

The fourth edition of the awards, held on September 25 in Kigali, attracted accountants, business leaders, government officials and organisations from various sectors.

Held under the theme "Advancing Transparency and Sustainability in Financial Reporting for Inclusive Growth,” the awards assessed financial statements submitted by 64 organisations, up from the previous edition.

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ICPAR FCPA President Obadiah R. Biraro said the increased participation reflected growing interest in financial reporting, but urged accountants to ensure their work remains relevant to institutions, investors and the public.

"Transparency and sustainability are not slogans,” Biraro said, urging accountants to take seriously their responsibility to ensure that stakeholders can have confidence in financial information.

He explained that accountants must go beyond knowing accounting standards and be able to apply them appropriately to the circumstances of each organisation.

"The difference between accountants is one who knows how to apply those various standards where they are applicable, given the circumstances that surround the reporting, while keeping stakeholders as the common denominator,” he said.

Biraro also underscored the importance of sound reporting in sectors such as cooperatives, where weak financial information can affect the management of scarce resources.

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Rigorous assessment

The awards involved a multi-stage assessment process, with each set of financial statements reviewed by at least two evaluators. Significant differences in scores were subjected to further review.

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CPA Brian Ngunjiri, PwC Rwanda Country Assurance Leader and chief judge, said the process was designed to ensure consistency and minimise bias.

"We have an experienced group of evaluators. Each set of financial statements is reviewed by at least two evaluators, and their scores need to be fairly consistent,” Ngunjiri said.

Financial statements had to score above 65 per cent to qualify for an award, while some categories recorded scores above 90 per cent.

"Today, we&039;ve seen many new winners, and we've seen certain most improved financial statements,” he said.

BPR Bank Rwanda Plc emerged as the overall winner.

Ngunjiri encouraged more organisations to enter the awards, noting that participants receive feedback highlighting areas for improvement.

Reporting beyond financial results

ICPAR Chief Executive Officer Amin Miramago said FREA seeks to encourage organisations to view corporate reporting as more than a presentation of financial figures.

Investors need reliable information for decision-making, regulators require accountability, while other stakeholders want to understand how organisations use resources and create value, he said.

"When an organisation publishes its financial statements, it is doing much more than presenting numbers,” he said. "It is telling investors that you can trust the information on which you make decisions. It is telling regulators that we are accountable.”

Miramago said sustainability was increasingly becoming part of corporate reporting, with organisations expected to demonstrate how the value they create can be sustained.

"The bigger question is what will we do differently tomorrow?” he said.

The FREA framework assesses compliance with IFRS and IPSAS, technical accuracy, transparency and quality of disclosures, timeliness, sustainability and integrated reporting, as well as governance and leadership disclosures.

Reporting improvements commended

Wilson Kaindi, KPMG Rwanda Country Director and chair of the FREA Evaluation Committee, said this year's assessment showed improvements in reporting practices across sectors, including stronger governance disclosures and greater attention to sustainability reporting.

He said the assessment covered areas such as financial statement presentation, corporate governance, management reports, ESG and sustainability reporting, performance reporting, independent auditors' reports and compliance with accounting standards.

CPA Jonathan Havugimana, Director General in charge of Non-Current Assets and Inventories at the Ministry of Finance and Economic Planning, said stronger financial reporting can help institutions demonstrate performance and prospects and contribute to investor confidence.

"ICPAR plays an important role in improving the accounting profession and helping institutions prepare quality financial reports. This is important for attracting investors,” Havugimana said.

He urged organisations to ensure their reports are clear and comply with international accounting standards.

"Institutions need to have clear financial reports when they submit them. The committees assess whether they meet international accounting standards, and even small details that are overlooked can affect the assessment,” Havugimana said.

Nyungwe Management Company wins tourism category

The value of feedback from previous editions was illustrated by Nyungwe Management Company, which won the Tourism and Hospitality category after previously finishing as second runner-up.

Finance Manager Philbert Nzaramyayezu said the company implemented recommendations from ICPAR to improve its reporting.

"The competition is useful because it helps us improve the quality of our financial statements. When financial information is well prepared, it makes it easier for management to make decisions,” Nzaramyanyezu said.

He said better reporting had also strengthened confidence among the company's partners and donors.

"When financial statements are well prepared, we gain more trust from our partners and donors,” he said.

Other winners

Besides overall winner BPR Bank Rwanda Plc, other organisations recognised included the Ministry of Trade and Industry (ministries), National Land Authority (central government agencies), Rubavu District (local government agencies), Umwalimu SACCO (microfinance), Old Mutual Insurance (insurance), Rwanda Airport Company (government business enterprises), Nyungwe Management Company (tourism and hospitality), CHUB (health), UGHE (non-profit organisations), BK Group Plc (public listed group companies), BSC Plc (IT and telecoms), University of Kigali (education), Horizon Construction Ltd (construction), and COMERWA Plc (manufacturing).

The 2026 FREA recognised organisations based on their financial reporting for the year ended 2025, with emphasis on the quality, clarity and value of financial and sustainability disclosures.

ICPAR said the initiative is intended to promote high-quality reporting, corporate governance, sustainability and accountability across Rwanda's public and private sectors.