Ministry of Finance organizes financial statements preparation workshop

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Abu Dhabi, UAE:– The Ministry of Finance organized a training workshop in Abu Dhabi under the theme ‘Financial Statements Preparation’. The course, which is part of the ministry’s plan to enhance the efficiency of financial statement preparation processes of all federal ministries and move the federal government to accrual-based accounting standards, gave policymakers the financial tools they needed to make decisions about policies and future budgeting.

Representatives from 43 ministries and federal entities participated in the course, alongside a number of personnel from the Ministry of Finance. The Audit Bureau then presented an auditing methodology designed to improve the quality of financial data and emphasized the importance of supervisory roles over federal entities.

The training course oriented federal government employees towards 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 regarding instructions and the process for preparing the final account for the fiscal year 2023, which defines and regulates the procedures to be followed by federal entities when preparing their final accounts (financial statements and consolidated financial statements) for the fiscal year ending on 31 December 2023. It also clarified the indicators of governmental financial assets, which are used to measure the financial performance of federal entities, aiming to elevate the level of financial planning in the federal government and achieve greater efficiency and effectiveness.

The course program touched on the procedures of closing the accounting books in line with Federal Decree-Law No. 26 of 2019 regarding public finance and its amendments. Furthermore, the federal entities received comprehensive guidance on the procedures and regulations for preparing the final account using accrual-based accounting – which aims to boost the precision and impact of financial planning within the federal government, further cementing the ministry’s reputation in public financial management regionally and globally.

The Ministry of Finance also showcased the mechanism for inputting financial data into the ‘Hyperin’ system, an in-house tool developed by the ministry for public financial management. The system aids users in seamlessly uploading financial information, making the creation of financial statements for federal entities more straightforward.

The Ministry of Finance holds training workshops throughout the year for all federal entities as part of an annual training plan, which is discussed separately with each federal entity to identify its needs. The ministry consistently backs federal departments and entities in boosting their operational efficiency. Through ongoing collaboration and coordination, it aims to foster a deeper comprehension and application of governmental guidelines and policies. Such endeavours align seamlessly with the UAE government’s strategic goals.

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About the Ministry of Finance

The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government’s financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE’s economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry’s strategic objectives.

The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government’s financial position and cash flows; overseeing the UAE’s financial and economic interests at the international level; boosting the country’s competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.

The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.

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