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Ministry of Finance organizes financial statement preparation workshop

The Ministry of Finance organized a training workshop in Abu Dhabi under the theme “Preparation of Financial Statements”.

The course, which is part of the ministry’s plan to improve the efficiency of the financial statement preparation processes of all federal ministries and move the federal government to adopt accrual-based accounting standards, provided policymakers with the tools they needed to make future policy and budgeting decisions. .

Representatives from 43 ministries and federal entities participated in the course, as well as personnel from the Ministry of Finance. The Audit Office then presented an audit methodology designed to improve the quality of financial data and emphasized the importance of the oversight functions of federal entities.

The training course oriented federal government employees to the newly implemented electronic data consolidation system introduced by the Ministry of Finance. The ministry provided a detailed explanation of the Financial Circular No. (11) for 2023 on the instructions and process of preparing the final account for the fiscal year 2023, which defines and regulates the procedures to be followed by the federal entities when preparing their final accounts. (financial statements and consolidated financial statements) for the fiscal year ending December 31, 2023. It also clarified the indicators of government financial assets, which are used to measure the financial performance of the federal entities, with the objective of raising the level of financial planning in the federal government and achieve greater efficiency and effectiveness.

The course program addressed the procedures for closing accounting books in accordance with Federal Decree-Law No. 26 of 2019 on public finances and its modifications. Additionally, federal entities received comprehensive guidance on the procedures and regulations for preparing the final account using accrual-based accounting, which aims to increase the accuracy and impact of financial planning within the federal government, further cementing the ministry’s reputation. in the management of public finances at the regional level. and worldwide.

He Ministry of Finance It also showed the mechanism for entering financial data into the ‘hyperin‘, an internal tool developed by the ministry to support public financial management. The system helps users upload financial information seamlessly, making it easy to create financial statements for federal entities.

He Ministry of Finance Conducts training workshops throughout the year for all states as part of an annual training plan, which is discussed separately with each state to identify their needs. The ministry constantly supports federal departments and entities to increase their operational efficiency. Through ongoing collaboration and coordination, it aims to foster deeper understanding and application of government guidelines and policies. These efforts align perfectly with the strategic objectives of the UAE government.

News source: Emirates News Agency

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