Enhancing Government Financial Management: Updates to Federal Accounting Standards

UAE, 14 March, 2024 : The Ministry of Finance recently conducted a training course titled “Roundtable Session – Discussion of Updates to the Federal Government’s Accounting Standards Manual,” targeting financial department managers from federal agencies and institutions. Her Excellency Mariam Mohamed Al Amiri, Assistant Undersecretary of the Government Financial Management Sector, stressed the pivotal role of accounting standards in meeting governmental goals and ensuring transparent financial reporting. She emphasized the need for consistent application across federal entities to facilitate comparison over different financial periods. The course covered updates to the accounting standards manual, focusing on areas like financial instruments, social benefits, and non-current assets. 

Participants delved into discussions about challenges, preparations, and enablers for federal entities in adopting these standards. Moreover, the course highlighted forthcoming governmental standards and their potential impact on accounting and financial operations within the federal government. Attendees were introduced to new standards issued by the International Public Sector Accounting Standards Board (IPSASB) and their alignment with existing practices. They also received insights into incorporating these updates into the Federal Government Accounting Policies and Procedures Manual (FGAAP). 

Furthermore, the training provided a roadmap for implementing the new standards, including the addition of IPSASB-issued accounting standards and updates to the Conceptual Framework for International Public Sector Accounting Standards. Participants gained an understanding of aligning standards with international practices and ensuring compliance with evolving accounting guidelines. The course aimed to equip attendees with the necessary knowledge and resources to navigate these changes effectively, thereby enhancing financial performance and transparency within federal ministries and entities.