The Ministry of Finance discusses guide updates "Accounting standards" and"Federal government policies and procedures"

Dubai, September 26/ WAM/ The Ministry of Finance discussed updates of the accounting standards guide for the federal government and the policy policy and financial procedures for the federal government, during a round table session organized by the directors of departments and heads of financial departments from the federal authorities, as well as a group of financial experts, accountants and financial observers.
The session discussed the most prominent challenges, potentials, and main implementation considerations that federal authorities must consider to ensure the effective application of updated evidence, which contributes to enhancing the efficiency of financial performance and supporting sustainable financial governances.
His Excellency Maryam Mohamed Al -Amiri, Assistant Undersecretary for the Government Financial Management Sector in the Ministry of Finance, stressed that the recent updates on the accounting standards guide and the policies and financial procedures of the federal government embody the ministry’s keenness to build a flexible and flexible financial system, based on the highest standards of transparency and governance, and at the same time keeping pace with global developments in the field of government accounting.
Her Excellency said that these updates constitute a qualitative shift in enabling the federal authorities to develop their financial practices, in a way that enhances the accuracy and efficiency of the reports, and supports the state’s efforts towards a sustainable financial management capable of responding to the changes in the global economic scene.
She added that the Ministry of Finance is proceeding with a steady pace in the march of financial development, by adopting the latest international standards and conducting analytical studies of its effects on the reality of government work, and the next stage will witness the enhancement of integration between the federal authorities in implementing these evidence, in a way that establishes the position of the UAE as a leading model in modern government financial management.
The session witnessed a comprehensive review of the most prominent updates on the unified policy and financial procedures guide for the federal government, which reflected a strategic trend towards enhancing the efficiency of public finance management and achieving greater integration in government financial operations.
The updates included the inclusion of policies and financial procedures contained in various government evidence within a unified guide, which contributes to unifying concepts and facilitating the application through all federal authorities.
The “Raci” matrix was included in the guide, to clarify the roles and job responsibilities of each party in various procedures, in order to enhance institutional governance and take into account the organizational differences or administrative names between the authorities, while preserving a unified framework for accountability and compliance.
The evidence structure was completely redesigned to include a detailed description of each step in the procedures and linked to the organizational structure, in order to enhance the flexibility in the application and raise the efficiency of institutional implementation.
The session dealt with the most prominent amendments to the accounting standards guide to the federal government, which included adding the conceptual framework as an independent component, adopting new international standards iPSAS 45 until IPSAS 49, in addition to including the annual amendments issued by the IPSASB public sector accounting council, and a comprehensive redesign of the guide in its Arabic and English copies.
Each of the new criteria covers basic aspects of government financial work, as it deals with the IPSAS 45 property, factories and equipment, by setting accounting provisions that enhance the accuracy of the registration of concrete assets and ensure a fair evaluation of it, while the IPSAS 46 standard focuses on the measurement by determining the foundations and accounting standards for measuring assets, obligations, revenues and expenses, thus enhancing the consistency. And accuracy in financial reports.
The IPSAS 47 standard for revenue places the accounting framework to prove government revenues in line with various sources of financing and guarantees transparency in financial transactions and in return, the IPSAS 48 standard provides clear frameworks to address transfer expenses between government agencies, which contributes to improving the accuracy of reports and achieving balance in spending.

The IPSAS 49 standard on retirement benefits plans is a unified accounting framework to address future obligations related to employee retirement, which enhances the accuracy of the financial statements associated with human resources.
The presentation and discussion of the new accounting standards was a major axis in the process of developing federal accounting work after these standards contributed to enabling government agencies to keep pace with global developments and enhance their ability to prepare accurate and transparent financial reports.
Based on the study of the impact conducted by the ministry, the effect of the application of the new standards “45-49” was reviewed on various operational and accounting aspects, including the recording of heritage assets and infrastructure, impacts of measurement on non -reciprocal assets, re -classification of government revenues, and analysis of the nature of transfer expenses.
The study highlighted the importance of preparing government agencies by developing internal policies and updating the financial databases, in a way that enhances transparency and promotes the quality of financial reports and guarantees compliance with international standards, in a clear reflection of the ministry’s keenness to keep pace with global developments in the field of government accounting.
The Ministry of Finance is currently working on holding focused discussion sessions with the federal authorities to share visions and lessons learned in preparation for the approval of the final version of the financial policy and procedures guide.
In the context of future directions, the Ministry of Finance affirmed its keenness on the continuous follow -up of what is issued by the IPSASB accounting standards council, especially with regard to the criterion of climatic disclosure underway, which the ministry intends to include in the accounting standards of the federal government, in support of the efforts of sustainable transformation and the promotion of financial governance in the country.
The session also witnessed the discussion of the most prominent considerations of implementation and subsequent steps, as well as reviewing the recommendations of the Ministry of Finance aimed at ensuring the smooth and effective application of updated evidence, which enhances the efficiency of financial performance and establishes the commitment to international standards.

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