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Building on the success it achieved in the first phase of the programme, and based on its efforts to raise the effectiveness of financial planning in the country in accordance with international best practices, the Ministry of Finance announced today the successful launch of the second phase of government entities to transition to accrual accounting.
The transition to accrual accounting represents a critical step that increases the efficiency of the federal budget and improves public financial management in the country. The second phase of the programme included the Ministry of Justice, the Ministry of Human Resources and Emiratisation, the Federal Competitiveness and Statistics Authority, and the Federal Authority for Government Human Resources.
H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed that launching the transition programme is a pivotal turning point in achieving the Ministry of Finance's strategic goal of "raising the efficiency and effectiveness of budget implementation and managing the financial position and cash flows of the federal government" in accordance with best international practices. H.E. indicated that the federal government is about to reach the final stage, where only the third group of entities - scheduled to launch at the beginning of 2021 – remain, for the transition programme to be complete.
H.E. said: “The Ministry of Finance is keen to continue cooperation and coordination with federal entities to improve government work and enhance resource management efficiency in accordance with the best international standards. Transitioning and adopting accrual accounting would strengthen the country's leading position in global competitiveness indices, and will serve as a concrete indicator of the UAE government’s standing among the world's leading governments in applying the best management methodologies and government accounting standards.”
H.E. added: “This success is due to the efforts of the Ministry of Finance’s teams in cooperation with all federal entities to implement and launch this programme. The key to success in managing this programme was a detailed plan of action, a clear outline of the roles and responsibilities and the activities of the transformation programme, and dedicated follow-up from the relevant authorities with regards to the transition. The programme’s success is measured by the proper application of accounting standards and financial procedures that stem mainly from international public sector standards and the ongoing review of emerging standards.”
H.E. noted that continuous training also played a big role in this success. Based on its keenness to provide flexible and innovative solutions to ensure the continuity of training during this crisis, the ministry organised virtual interactive sessions and training workshops, to raise the efficiency and performance of ministry and federal entity employees in the transition programme. The Ministry pointed out that the exceptional circumstances did not slow down the progress of this strategic project. Rather, these circumstances contributed to new and innovative solutions that ensured the follow-up of the project in accordance with the approved plan.
In its efforts to develop government financial work and improve federal government entities’ efficiency and performance in accordance with best international standards, the Ministry of Finance recently held a virtual training workshop on the transition to accrual accounting. Specialists in assets, revenues, liabilities, expenses and closures from the Department of Financial and Administration Affairs, along with 429 ministry and federal government entities’ attended the workshop, which sought to raise awareness on the federal government programme to adopt accrual accounting. The workshop was part of an integrated programme to develop competencies and expertise in the federal government. The workshop focused on three main criteria: intangible assets, revenues from exchange transactions, and presentations and disclosures in accrual accounting.
H.E. Mariam Al Amiri, Assistant Undersecretary of the Financial Management Sector at MOF highlighted the importance of this workshop in raising the efficiency of specialised employees in national federal authorities on the various activities and accounting standards related to the transition programme. H.E. said: “The Ministry of Finance is keen to continue cooperating and communicating with all federal authorities in the country to ensure success in the transition programme. It has critical importance in raising the efficiency of preparing the federal budget and the levels of public financial management in the country, which strengthens the UAE's position on many relevant global indices.”
The Ministry of Finance presented the workshops in a different manner than the previous ones and included innovative means of interaction and participation to create friendly competition that motivate the participants and increase their understanding of the scientific material. The Ministry also recorded the training workshop in both audio and video and shared it with the participants for their reference at any time. The Ministry of Finance emphasised the use technology to conduct remote trainings, and to automate the training process from the beginning of the registration of candidates to the issuance of electronic participation certificates.
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© Press Release 2020
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