Abu Dhabi: The Ministry of Finance has conducted a training workshop in Abu Dhabi under the theme ‘Financial Statements Preparation.’
According to the statement, 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. Participants in the course included several personnel of the Ministry of Finance as well as representatives from 43 ministries and federal bodies.
The training program educated federal government employees about the Ministry of Finance’s recently launched electronic data consolidation system. The ministry provided a detailed explanation of the Financial Circular Number (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 31st December 2023.
The procedures of closing the accounting books in accordance with Federal Decree-Law Number 26 of 2019 regarding public finance and its amendments are discussed in the course program. Additionally, the federal entities received comprehensive guidance on the procedures and regulations for preparing the final account using accrual-based accounting, which intends to boost the precision and impact of financial planning within the federal government.
The Ministry of Finance also showcased how to enter financial data into the “Hyperin” system, an in-house tool developed by the ministry to support public financial management. It 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.