DUBAI, 7th June, 2022 (WAM) — The Ministry of Finance (MoF) recently organised a training workshop titled ‘Monthly Closings on Accrual Basis of Accounting’ to raise the efficiency of government entities’ employees in applying accrual basis of accounting.
The training, which was held over a course of two days in Dubai, comes as part of MoF’s endeavours to improve government financial work and raise the efficiency of financial performance across federal ministries and entities in the UAE.
The workshop, which was attended by employees and specialists from 39 federal ministries and entities, also aimed at raising awareness about monthly closings on accrual basis of accounting in the federal government. It also sought to explain accounting procedures’ application mechanisms and means of implementing accounting standards on the federal financial system, all of which contribute to improving the accuracy and efficiency of monthly closings, as well as government periodic financial statements and reports, which are publicly available for review.
Mariam Al Amiri, Under-Secretary, Financial Management Sector at Ministry of Finance, reaffirmed the ministry’s keenness to continue organising specialised training programmes to elevate the capabilities of federal government entities’ employees in budget implementation, monthly closings, and bank settlements. This will help prepare more accurate periodic and annual financial reports.
“At the Ministry of Finance, we are keen to continue enhancing cooperation with various federal ministries and entities in the country to support them in better understanding and applying accounting standards and procedures. This contributes to raising the efficiency and effectiveness of financial planning in the federal government, and helps enhance the UAE Government’s position among the world’s leading governments in applying the best management methodologies and government accounting standards,” Al Amiri added.
The training workshop included detailed introductory explanation of the accounting methodologies and the most important procedures to be followed by federal entities during monthly closings. It also aimed to clarify all updated financial reports and the importance of operating accounting programmes in the federal financial system. Additionally, a workshop was held to review the updated monthly closings list and the matches that should be made by ministries and federal government entities to ensure the accuracy of financial statements during the accounting period.