Accountants have been urged to move beyond traditional financial reporting and take a more active role in shaping Uganda’s economic transformation, with emphasis on sustainability, digital innovation, corporate accountability and improved public service delivery.
The call was made during the second Institute of Certified Public Accountants of Uganda (ICPAU) Research Conference 2026 held at Protea Hotel Kampala Skyz in Naguru, where researchers and accounting professionals presented studies examining how the profession can respond to Uganda’s changing economic and business environment.
CPA Derick Nkajja, the ICPAU Secretary and Chief Executive Officer, challenged accountants to rethink their traditional responsibilities and use research to influence national development.
“How can the accountancy profession move beyond its traditional role of reporting and safeguarding financial resources to become a more active contributor to economic transformation and sustainable development?” Nkajja asked.
He said research was important in shaping professional decisions, strengthening public trust, driving innovation and positioning accountants as strategic partners in Uganda’s economic transformation.
ICPAU President CPA David Timothy Ediomu urged researchers to ensure their findings translate into practical interventions rather than remain academic exercises.
“Research should not end at generating knowledge; it should translate into practical solutions that shape Uganda’s economic future,” Ediomu said.
He called on researchers to develop recommendations that can inform government policy, strengthen institutions and support sustainable economic growth.
Ediomu also announced plans to establish a dedicated ICPAU research journal to make research findings more accessible to policymakers, accounting practitioners and academia.
On sustainability, keynote speaker CPA Prof. Twaha Kigongo Kaawaase, a partner at Ssejjaaka, Kaawaasa & Co. Advocates, challenged accountants to look beyond corporate profits and consider the wider social and environmental consequences of economic activity.
“Economic growth without sustainability is an illusion. As accountants, we must move beyond accounting for profits to accounting for people and the planet. Our responsibility extends to society, the environment and good governance,” Kaawaase said.
Drawing on Uganda’s Tenfold Growth Strategy and ambition to build a $500 billion economy by 2040, he said the country’s economic aspirations must be accompanied by responsible resource management, accountability and sustainable business practices.
He also highlighted the growing importance of environmental, social and governance (ESG) reporting, climate-related financial risks and sustainability assurance, urging accountants to develop practical reporting frameworks that smaller businesses can implement.
CPA Dr Kassim Alinda, a senior lecturer in the Department of Accounting at Makerere University Business School, presented a study titled “Evaluating Corporate Readiness for ESG Reporting in Uganda”, based on a survey of 440 corporations.
The study found growing awareness of ESG reporting but identified gaps in technical expertise, financial resources, digital reporting systems and access to specialised support.
The corporations recorded an overall readiness mean score of 3.306, pointing to the need for professional training, stronger institutional capacity and clearer regulatory guidance.
Another study by David Andabati, a lecturer in the Department of Accounting at Makerere University Business School, examined how intellectual capital influences sustainability reporting among manufacturing firms in the Kampala Metropolitan Area.
The research found that companies with stronger employee skills, information systems, innovation cultures and stakeholder relationships were more likely to produce better sustainability reports.
However, environmental reporting among the firms stood at approximately 22%, while social reporting was 14% and governance reporting 12%.
Andabati said companies needed to invest in staff expertise and organisational systems to improve the quality of sustainability disclosures.
“Credible sustainability reporting begins within the organisation. The knowledge and skills of employees, the systems that support information management, and the relationships firms build with stakeholders are critical to turning sustainability commitments into meaningful disclosures,” he said.
Dr Jacob Otim, a senior lecturer in the Department of Economics at Kyambogo University, presented a study assessing the readiness of Ugandan chief finance officers (CFOs) for emerging professional competency demands.
Based on responses from 247 CFOs, heads of finance and finance managers across five sectors, the study found that strategic leadership was the strongest competency, with a readiness index of 77.50.
Digital proficiency was the weakest area, scoring 69.25, while regulatory compliance recorded 75.25 and global orientation 70.25.
The findings pointed to gaps in artificial intelligence, data analytics, automation and digital governance, suggesting that finance professionals need additional training to remain competitive.
“The modern CFO must move beyond financial reporting to become a strategic leader, driving digital transformation, navigating regulatory change and responding to evolving global demands. These competencies are no longer optional; they are essential to organisational performance,” Otim said.
Collins Agaba, an independent researcher, also examined how digital transformation and innovation are changing accounting work in Uganda.
He said technologies such as artificial intelligence, cloud accounting, automation and data analytics were shifting accountants away from routine transaction processing towards data interpretation, analysis and professional judgement.
“Digital transformation is not simply about introducing new technology; it is about rethinking how accounting work is done, the skills required and the value professionals bring to organisations,” Agaba said.
The researchers also examined how accounting practices affect small businesses and public service delivery.
Minala Safi of Lira University presented a study on tax compliance and financial performance among hospitality small and medium enterprises in Lira City West Division.
Based on responses from 80 businesses, the study established a positive relationship between tax compliance and financial performance, with tax compliance explaining 38.6% of the variation in financial performance among the businesses studied.
The research found that businesses complying with tax requirements generally had better access to loans and financing, partly because of improved record-keeping and access to tax clearance certificates.
However, Safi identified the cost of compliance, including accounting services, software and tax payments, as a challenge for smaller businesses.
The study also found that tax knowledge was the strongest predictor of compliance, highlighting the need for continued taxpayer education and improved support from the Uganda Revenue Authority.
On public financial management, Louis Okumu, a lecturer in the Department of Accounting and Finance at Kampala University, presented research examining the relationship between accountability and service delivery in Gulu City Council.
The study found that financial planning, reporting and budgetary control together explained 75.7% of the differences in service delivery observed in the research.
It recommended greater citizen participation in decisions on public spending, improved financial reporting and stronger mechanisms for communities to raise concerns about the use of public funds.
Meanwhile, CPA Charles Lutimba, ICPAU Director of Standards and Regulation, presented a cost-benefit analysis of implementing the International Financial Reporting Standards (IFRS) for Small and Medium-sized Enterprises (SMEs) Accounting Standard in Uganda.
Based on responses from 92 accounting professionals, the study found that 97.8% anticipated improved financial reporting quality following implementation, while 83.15% believed the standard could improve businesses’ access to finance.
Another 91.11% anticipated a positive impact on business reputation. However, inadequate skilled personnel and implementation costs remained major obstacles, identified by 35% and 22.3% of respondents, respectively.
Lutimba said successful implementation would require professional training, greater awareness among business owners and practical guidance.
“Adopting the IFRS for SMEs Accounting Standard is not just about meeting financial reporting requirements, but also strengthening the credibility of businesses, improving access to finance and building confidence among stakeholders,” he said.
He added that implementation depended on whether businesses and the professionals expected to apply the standards had the necessary skills and resources.
Closing the conference, ICPAU Vice President CPA Alfred Kabuchu commended the researchers and conference organising teams, reaffirming the institute’s commitment to supporting quality research through funding and strategic partnerships.
He urged researchers to produce internationally recognised studies addressing Uganda’s development priorities and informing evidence-based policymaking, particularly in taxation.
The conference provided a platform for researchers, academics and accounting practitioners to examine how research can strengthen the profession and contribute to Uganda’s economic and institutional development.