(MENAFN- Misbar Communications) Dubai - UAE, July 08, 2024
The Ministry of Finance has wrapped up its Government Financial Management Awareness Programme for the first half of the year, after offering nine courses attended by over 1,000 employees from 48 federal entities.
The programme provided comprehensive training on various aspects of effective government financial management, including government procurement, accounting standards, debt collection, tax procedures, financial period closure, asset management, and the preparation of financial statements using the Hyperion HFM system.
Developing the Business Environment
HE Mariam Mohammed Al Amiri, Assistant Undersecretary of Government Finance Management at the Ministry of Finance, stated, "The awareness programme was specifically designed for employees of the Ministry and federal entities. It meticulously selected topics that meet the diverse needs of all involved entities, reflecting the Ministry's commitment to enhancing employee efficiency across all institutions. The programme not only helped employees understand relevant laws and regulations but also fostered integrated relationships with key authorities, boosting the business environment and competitiveness of the UAE."
Her Excellency further emphasised that such programmes play a pivotal role in developing human capital, the backbone of the knowledge economy, adding that training activities not only help develop the technical, behavioral, and administrative skills of employees, but also empower them to meet the evolving demands of their roles in line with the federal government's objectives."
"Aligned with the Ministry of Finance's strategy to enhance and increase the efficiency of financial procedures within the Federal Government, the program reflects our commitment to improving operational and financial performance across ministries and federal entities in the UAE. It was designed to provide comprehensive support to these entities, thereby contributing to the strategic goals of the UAE Government," Al Amiri noted.
Accounting Standards Manual
The Ministry of Finance kicked off this year's training program with a course titled "Discussing Updates to the Federal Government Accounting Standards Manual," attended by 106 finance department managers from 35 federal entities and authorities. Participants discussed new government standards, examining their impact on accounting and financial work within the government. They reviewed the new standards added to the manual, discussed the most significant influencing factors related to each standard, and analysed the challenges, preparations, and capabilities that federal entities need to develop. Additionally, they were briefed on the new government standards currently being developed and those in the pipeline.
Debt Collection Procedures
Additionally, the Ministry held a training course titled “Debt Collection Procedures in accordance with Federal Decree No. 15 of 2018 regarding the Collection of Revenues and Public Funds.” The course aimed to bolster and enhance the management of the Federal Government’s financial resources through sustainable and forward-looking financial policies. It also clarified how best to represent the UAE’s financial interests on the international stage and to foster distinguished internal capabilities. The course was attended by 103 participants from 20 federal entities.
Digital Procurement Platform
Launching into the second quarter, the Ministry organised three training courses on the "Digital Procurement Platform." These sessions were attended by 310 employees from various federal entities. The first workshop introduced participants to purchasing activities on the digital procurement platform known as the “Procurement Organisational Unit.” Attendees were trained on key practices within the procurement system, including how to create tenders, contracts, and direct purchase orders on the digital procurement platform.
The subsequent session delved deeper, providing detailed instructions on executing purchasing activities within the platform. Discussions covered how the "requesting organisational unit" should handle purchase orders both from the catalogue and beyond, evaluate technical bids from suppliers, and effectively manage purchase requests and orders. This also included strategies for managing and processing deliveries. The training series concluded with a session on the "financial organisational unit." In this workshop, participants learned crucial skills such as approving and reviewing purchase requisitions, handling accounting combinations, and managing and processing supplier invoices.
Fixed Assets
The Ministry of Finance’s activities also included a training course titled “Fixed Assets, Tangible and Intangible (Asset System),” attended by 104 government assets employees and internal auditors from 20 federal entities and bodies. Participants were introduced on how to identify tangible and intangible assets and were briefed on the necessary work procedures and financial system requirements.
Tax Procedures and Applications
Additionally, a course titled “Tax Applications and Procedures” was held, with 127 participants from the tax team and the government’s financial accounts management across 21 federal entities. The training provided an in-depth look at the UAE’s value-added tax, its history, basic components, and the procedures for preparing and processing tax returns. The course also clarified how to create reports and checklists for tax returns as well as the mechanisms for extracting necessary reports for the final account. Discussions also included accounting treatments and constraints related to value-added tax, as well as the principles of accrual accounting, their relation to value-added tax, and their overall impact.
Preparing Financial Statements
Furthermore, the ministry offered a course called “Preparing Financial Statements on the Hyperion HFM System,” attended by 124 accountants and internal auditors from 32 federal entities. The course outlined the process for monthly closings and the preparation of financial reports, in accordance with the ministerial decision on the periodicity of financial reports for federal entities. Participants learned to effectively use the Hyperion system to submit periodic reports and prepare the final account.
The training series concluded with the “Financial Period Closing Procedures” course, which included 142 accountants and internal auditors from 33 federal entities. The financial systems department demonstrated how to apply the monthly financial period closing list, prepared on an accrual basis, both practically and theoretically, across entities that use or do not use the financial system. This course highlighted key factors to consider when closing monthly financial periods on an accrual basis.
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