DoF holds workshop on best accounting practices
Innovative practices will help governmental institutions in adopting new work culture: Al Hameli
Abu Dhabi Department of Finance (DoF), the financial arm of the Emirate of Abu Dhabi, organized an orientation workshop on Accrual Accounting in the governmental sector. DoF aims to implement this innovative concept, currently applied in several developed economies, and with proven ability to enhance transparency and accuracy in the accounting and financial policies of governmental institutions.
Implemented with the help of the Victoria Government in Australia, the Accrual Accounting concept uses comprehensive financial reports that will help highlight the financial status of the Abu Dhabi government.
The workshop held at the Emirates Palace, in the presence of H.E. Mohammed Sultan Al Hameli, Executive Director of DoF, was attended by a number of high-ranking officials representing DoF and other Abu Dhabi departments. Experts from the Finance and Treasury department of Victoria in Australia were the main speakers at the event.
His Excellency Mohammed Sultan Al Hameli, DoF's Executive Director said that DoF is continuously exploring new financial concepts to be in tune with the latest financial trends in the world, thus bringing in international best practices to develop and update its work procedures and systems.
He said: "This comes in line with our priorities in the strategic plan we launched earlier this year. The workshop is also part of our preparations to shift to a higher level of advanced practices that will contribute to implementing the key objectives, outlined in the strategic plan, including transparency, decentralization and optimization of financial resources use.”
The keynote speakers presented a comprehensive case study about the mechanisms of transition to the accounting procedures and policies implemented by Australia from cash to accrual accounting, noting the challenges involved and effort needed. They also gave a detailed presentation about the different phases in the transition starting with the setting of standards and policies and assets management procedures, until issuing the final financial reports that include the overall financial status of the government, its financial resources and aspects of use.
The experts gave a quick summary about the mechanisms in implementing the Accrual Accounting model and related executive systems. This was followed by an interactive Q&A session, given the subject's importance for the attendees.
