(MENAFN – Dubai PR Network)
- Discussing the importance of financial statements for policy making and future planning.
Abu Dhabi, October 21, 2024
The Ministry of Finance (MoF) held the “Annual Forum on the Preparation of Financial Statements for Federal Entities for Fiscal Year 2024” in Dubai to improve government financial practices.
Attendees included Her Excellency Mariam Mohammed Al Amiri, Assistant Undersecretary for Government Financial Management, alongside representatives from relevant sectors and internal auditors from federal authorities across the UAE.
The forum addressed how financial statements influence policies and future decisions, focusing on the accounting standards they follow. It also discussed the guidelines from Financial Circular No. 15 of 2024 and the role of the UAE State Audit Institution in overseeing these statements.
Improving Financial Efficiency
Her Excellency Al Amiri noted that the forum demonstrates MoF’s dedication to increasing the financial efficiency of the federal government and enhancing accounting skills within federal entities. This aims for high standards of financial transparency and accountability.
She emphasized that aligning financial statements with accounting standards is vital for decision-makers, as it offers a clear view of financial performance and assists in sustainable development planning for the UAE.
Al Amiri stated that Financial Circular No. 15 of 2024 provides a framework for accurately preparing financial statements, improving reporting quality, and aligning with global accounting practices.
“Investing in the skills of government employees strengthens the efficiency of federal entities, positively impacting the UAE’s strategic goals,” she added.
Interactive Session
The forum included an interactive session focusing on consolidated financial statements. Participants highlighted the significance of accurate financial data for these statements, praising federal entities for their efforts in ensuring data completeness for Fiscal Year 2024.
The session reviewed updates on closing procedures and accounting ledgers, contributing to financial data accuracy, and discussed relevant accounting guides.
It also covered the need for federal entities to update their policies and procedures manuals and shared experiences in preparing final accounts based on accrual accounting principles, clarifying governance roles and responsibilities for timely account preparation.
To conclude, case studies on financial statement preparation were presented, with Ministry specialists addressing questions from federal entity representatives.
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