The UAE Ministry of Finance (MoF) has initiated a comprehensive review of the procedures for preparing the federal government’s financial statements and final accounts for the fiscal year ending December 31, 2025. This review aims to enhance transparency and ensure alignment with international accounting standards.
Key Updates and Procedures:
Adherence to International Standards: Federal entities are required to prepare their financial statements in accordance with the latest International Public Sector Accounting Standards (IPSAS), including IPSAS 41, 42, 43, and 44. These standards cover areas such as financial instruments, social benefits, and leases.
Updated Financial Circular: The MoF has issued an updated financial circular outlining new instructions on presentation, disclosure, and submission timelines to ensure accuracy and consistency across all federal accounts.
Collaboration with UAE Accountability Authority: The Ministry is working closely with the UAE Accountability Authority to align auditing practices and improve data quality, reinforcing the government’s commitment to good governance and financial accuracy.
Digital Public Finance Systems: The review process is part of the Ministry’s broader goal to develop integrated, digital public finance systems and build the capabilities of accounting and finance professionals across federal entities.
These efforts underscore the UAE’s commitment to strengthening financial reporting and consolidating its position as a global model in public financial management.
Source: Gulf News
