MoF launches final phase of accrual accounting programme

SourceGulf Today
SectorFinancial Markets
CountryUAE

The MoF aims to improve financial planning in the UAE in accordance with the best international practices. In line with its efforts to improve financial planning in the country in accordance with the best international practices, the Ministry of Finance (MoF) announced on Saturday the successful launch of the third and final phase of government entities to transition to accrual accounting. The project overcame all the challenges it faced in 2020 including working remotely due to the COVID-19 pandemic - which had a direct impact on the transition's plan of action. Obaid Humaid Al Tayer, Minister of State for Financial Affairs highlighted the importance of launching the final phase of the federal government's transition to accrual accounting, as it provides an innovative and advanced infrastructure that would enhance the country's leading position in global competitiveness indices.

His Excellency Al Tayer praised the continuous efforts of MoF's work teams, and lauded the cooperation between the federal entities and the Ministry...read more...