(MENAFN– Dubai PR Network)
- Importance of financial statements for policy and planning by decision-makers
Abu Dhabi, October 21, 2024
The Ministry of Finance (MoF) held the “Annual Forum on Preparing Financial Statements for Federal Entities for Fiscal Year 2024” in Dubai. This aims to improve government financial operations and the performance of federal entities.
Her Excellency Mariam Mohammed Al Amiri, Assistant Undersecretary for Government Financial Management, attended alongside representatives from various ministries and internal auditors from UAE federal authorities.
The forum highlighted how financial statements shape policies and future planning and covered relevant accounting standards, including Financial Circular No. 15 of 2024. The UAE State Audit Institution’s role in overseeing financial statements was also discussed.
Improving Financial Efficiency
Her Excellency Al Amiri noted that the forum reflects the MoF’s commitment to enhancing financial efficiency and developing accounting capabilities within federal entities. This aims to achieve high standards in financial transparency and accountability. Accurate financial statements support decision-making and sustainable development initiatives in the UAE.
She emphasized that Financial Circular No. 15 of 2024 is crucial for guiding federal entities in producing accurate financial statements aligned with global best practices.
Interactive Session
The forum included discussions on consolidating financial statements, emphasizing the importance of accurate financial data for quality reporting. Updates on procedures for closing accounting ledgers were also shared.
Participants reviewed the role of federal entities in refining policy and procedure manuals, and shared experiences in preparing final accounts based on accrual methods. Case studies on financial statement preparation were discussed, with specialists addressing questions from federal entity representatives.
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