(MENAFN – Dubai PR Network)
- Importance of financial statements in policy-making and planning for decision-makers.
Abu Dhabi, October 21, 2024
The Ministry of Finance held the “Annual Forum on Financial Statements for Federal Entities FY 2024” in Dubai to improve government financial operations.
Her Excellency Mariam Mohammed Al Amiri, Assistant Undersecretary for Government Financial Management, attended with representatives from various federal authorities and internal auditors.
The forum focused on how financial statements influence policies and planning. Discussions included compliance with Financial Circular No. 15 of 2024 and the UAE State Audit Institution’s role in overseeing these statements.
Enhancing Financial Efficiency
Her Excellency emphasized that the forum demonstrates the Ministry’s commitment to increasing financial efficiency and developing federal entities’ accounting abilities, promoting financial transparency and accountability. Accurate financial statements guide decision-makers in sustainable development planning.
She noted, “Financial Circular No. 15 of 2024 is a guide for federal entities in preparing financial statements effectively, aligning with global accounting best practices.” Developing accounting skills is vital for the country’s financial future and improves federal performance in achieving strategic objectives.
Interactive Session
The forum included a discussion on preparing consolidated financial statements, highlighting the importance of accurate financial data. Updates on closing procedures for accounting systems were shared, emphasizing the need for precise financial data.
Participants reviewed the need for updating policies and procedures to reflect each entity’s operations and shared experiences in preparing final accounts using the accrual basis. Case studies on financial statement preparation were also discussed, with experts addressing questions from federal entity representatives.
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