Circular issued for preparing state’s final accounts

Oman Sunday 22/November/2020 15:09 PM
By: Times News Service
Circular issued for preparing state’s final accounts
Image used for illustrative purpose

Muscat: The Ministry of Finance (MOF) has issued a circular (No. 1/2020) on preparing the state’s final accounts for the Fiscal Year (FY) 2020, whereby all ministries and government units are instructed to submit their final accounts for FY 2020 to MOF and State Audit Institution (SAI) latest by 31st March 2021.  

MOF said that such final accounts should include most salient results and objectives achieved during the implementation of the budgets approved for various ministries and government units over the fiscal year. The final accounts should also include actual revenue and expenditure compared to budgeted revenue and expenditure.

MOF said that the financial position should include details of cash balances of all ministries and government units in their bank accounts and government’s coffers, debit and credit balances, permanent and temporary advance, financial stamps and government’s financial entitlements.

MOF added that a detailed statement should be made on government’s non-financial assets such as but not limited to real-estate, lands, inventory, equipment, government libraries and others.

MOF emphasized that each ministry and government unit should also submit a copy of the report prepared by its internal audit department on the fourth quarter of FY 2020, and bank statements for those which are not funded by MOF.

MOF has asked public authorities and establishments, which apply different systems, to submit their accounts and financial statements for FY 2020 to MOF by no later than 17/1/2021.

MOF has urged all relevant entities to follow the prescribed procedures and provisions set out in the circular. MOF asserts that any violation of the provisions of the circular will be considered as financial misconduct as per the Article (No. 41) of the Financial Law promulgated by the Royal Decree No. (47/98).