Ministry of Finance Holds the Annual Forum on the Preparation of Financial Statements for Federal Entities for the Fiscal Year 2024
21 October 2024
The Ministry of Finance (MoF) convened the “Annual Forum on the Preparation of Financial Statements for Federal Entities for the Fiscal Year 2024” in Dubai, as part of its commitment to enhancing government financial operations and improving the financial performance of federal entities.
The event was attended by Her Excellency Mariam Mohammed Al Amiri, Assistant Undersecretary for Government Financial Management, alongside a number of representatives from the Ministry's relevant sectors and departments, as well as internal auditors representing all federal authorities and institutions in the UAE.
The forum discussed the vital role financial statements play in shaping financial policies and future planning for decision-makers, focusing on the accounting standards upon which these statements are based. It also highlighted the preparation of financial statements in accordance with Financial Circular No. 15 of 2024. The role of the UAE State Audit Institution and its approach to overseeing financial statements was also reviewed.
Enhancing Financial Efficiency
Her Excellency Mariam Mohammed Al Amiri emphasised that organising the forum reflects the Ministry of Finance's commitment to enhancing the financial efficiency of the federal government and developing the accounting capabilities of federal entities.
This contributes to achieving the highest standards of financial transparency and accountability. She noted that preparing financial statements in accordance with accounting standards is crucial for decision-makers, as these statements provide an accurate picture of financial performance and aid in formulating financial policies and future plans that meet the UAE's sustainable development needs.
Her Excellency 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.”
“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." She noted.
Interactive Session
The forum featured an interactive discussion session that covered various topics related to the preparation of consolidated financial statements for the final accounts. The importance of financial data in improving the accuracy of consolidated financial statements was underscored, with praise for the efforts of federal entities and the importance of the completeness and accuracy of their data in the consolidated financial statements for the fiscal year 2024.
The session also reviewed key updates to the list of procedures for closing systems and accounting ledgers for government entities, which contribute to improving the accuracy and validity of financial data, as well as discussing the most relevant accounting guides.
The session also addressed the role of federal entities in updating the policies and procedures manual to ensure it encompasses the operational nature of each entity. Furthermore, the experiences of various federal and local entities in preparing final accounts based on the accrual basis were shared, with a detailed explanation of the roles and responsibilities related to governance and ensuring the timely preparation of accounts.
At the conclusion of the forum, a number of case studies on the preparation of financial statements were discussed, with specialists from the Ministry of Finance answering questions and addressing inquiries raised by the representatives of federal entities.
