Ministry of Finance sets deadline for submission of FY 2020 final accounts

MUSCAT, NOV 22 - The Ministry of Finance (MOF) has issued a circular directing all ministries and government units to submit their final accounts for FY 2020 to the Ministry and State Audit Institution (SAI) latest by March 31, 2021. Circular 1/2020 requires 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. 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. 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. The circular emphasised 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. The Ministry 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 January 17, 2021. The Ministry 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).