The International Financial Reporting Standards (IFRS) and financial reporting standards are vital in accounting. Under the Accountants Act (Chapter 294 of Uganda's laws), the Institute of Certified Public Accountants of Uganda is responsible for promoting awareness and adoption of these standards.
IFRS includes components like International Accounting Standards, International Standards on Auditing, International Public Sector Accounting Standards, and IFRS for SMEs. New sustainability standards, set to be adopted, will also impact financial reporting, with a roadmap to be released this year detailing adoption and transition rules for entities. “ Under the Accountants Act (Chapter 294 of Uganda's laws), the Institute of Certified Public Accountants of Uganda is responsible for promoting awareness and adoption of these standards.” This article first appeared in The Daily Monitor on Tuesday, April 08, 2025.
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