Dr. Eng. Ali Al Khouri, the Acting General Director of the Emirates Identity Authority (Emirates ID), the executive officers and a number of managers and employees of Emirates ID attended a presentation submitted by Boston Consulting Group concerning the preparation of the zero-based budget which shall be implemented as of the next year so as to be the nucleus for the following Emirates ID’s budgets.
It’s worth mentioning that the Ministry of Finance is implementing the Zero-based Budgeting Project to the ministries and governmental departments in the country and that Emirates ID was one of the three entities chose for training their employees on the mechanism of implementing this new accounting system.
Zero-based budgeting is an advanced “accounting system implemented by great industrial counties like the United States of America and England. During each medium-term period of time, according to this system, the budget is calculated anew as per the modern international accounting standards which are continuously developing. Projects are reorganized according to their importance and connected with the strategic plan of the country in a manner enabling the entities in charge from maximizing benefit from the available funds.
The importance of zero-based budgeting lies in being a new tool adopted by the state under the supervision of the Ministry of Finance with the aim of standardizing financial procedures of the ministries and governmental authorities as per the international accounting standards and establishing a strong financial database reflecting governmental activities. This can be achieved by launching a new financial system based on a transparent and advanced budget satisfying the needs of the community and enabling decision makers from accelerating the execution of their programs and projects.
Post Your Comment