The UAE Ministry of Finance unveiled the third and final phase for government entities to switch to the accrual accounting system.
The transition to the new accounting standards provides an advanced infrastructure that is expected to enhance the country’s position on global competitiveness indexes, said Obaid Al Tayer, Minister of State for Financial Affairs, on Saturday.
Accrual accounting is a method where revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.
The third phase will cover the ministries of interior, education, health and prevention and foreign affairs and international co-operation, among others.
These ministries began to apply accrual accounting methods from January 1.
The first group switched to accrual accounting on June 1 last year while the second batch adopted the new standards on October 1.
The Ministry of Finance has provided guides and manuals for a smooth transition and conducted 18 training sessions for more than 2,000 federal government employees.
“To help complete the project on time, the ministry allocated a specialised team to provide technical and accounting support to federal entity users, provide advanced technical forms and solutions, and direct them in preparing opening balances and collecting and exchanging information and data,” said Mr Al Tayer.
Public-sector entities are under mounting pressure to improve the management of public finances, according to PwC research.
One essential reform is for government to adopt the accrual accounting system, the consultancy said.
“By introducing accrual accounting, public entities demonstrate a commitment to improve the use and management of resources, a desire to promote enhanced financial reporting and transparency, plus greater accountability and a pledge to fight fraud and corruption,” said PwC.
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
Cry Macho
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Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
