Ministry Of Finance Hosts Annual Forum On Financial Statements For Federal Entities For Fiscal Year 2024

The Ministry of Finance (MoF) recently held the "Annual Forum on the Preparation of Financial Statements for Federal Entities for the Fiscal Year 2024" in Dubai. This event aimed to enhance government financial operations and improve the performance of federal entities. Mariam Mohammed Al Amiri, Assistant Under-Secretary for Government Financial Management, attended alongside various representatives from relevant sectors and departments, as well as internal auditors from all federal authorities and institutions in the UAE.

The forum emphasised the importance of financial statements in shaping financial policies and future planning for decision-makers. It focused on the accounting standards that form the basis of these statements. The preparation of financial statements according to Financial Circular No. 15 of 2024 was also highlighted, along with a review of the UAE State Audit Institution's role in overseeing these statements.

Mariam Mohammed Al Amiri stressed that organising this forum reflects MoF's dedication to enhancing federal government financial efficiency and developing accounting capabilities within federal entities. She noted that preparing financial statements according to accounting standards is crucial for decision-makers, as they provide an accurate picture of financial performance and help formulate policies and plans aligned with the UAE's sustainable development goals.

Al Amiri added, "Financial Circular No. 15 of 2024 serves as a detailed guide for federal entities in preparing their financial statements accurately and methodically, thereby improving the quality of financial reporting and ensuring alignment with global best practices in government accounting."

She further stated, "We believe that developing the accounting and administrative skills of government employees is an investment in the financial future of the country, enhancing the ability of federal entities to perform their tasks efficiently and effectively, which positively impacts the achievement of the strategic objectives of the UAE government."

The forum included an interactive session covering various topics related to preparing consolidated financial statements for final accounts. The significance of accurate financial data was underscored, with praise for federal entities' efforts in ensuring data completeness and accuracy for fiscal year 2024.

Enhancing Financial Data Accuracy

The session reviewed key updates to procedures for closing systems and accounting ledgers for government entities. These updates contribute to improving data accuracy and validity while discussing relevant accounting guides. Additionally, it addressed how federal entities can update policies and procedures manuals to reflect each entity's operational nature.

Experiences from various federal and local entities were shared regarding preparing final accounts based on accrual basis accounting. Detailed explanations were provided about roles and responsibilities related to governance and ensuring timely account preparation.

At the forum's conclusion, several case studies on preparing financial statements were discussed. Specialists from MoF answered questions raised by representatives from federal entities, addressing their inquiries thoroughly.

With inputs from WAM