Financial Accounting Law approved: Ministry of Justice

KABUL (Pajhwok): The Ministry of Justice says the Financial Accounting Law has been approved and published in the official gazette.

Under the law, all financial officials of the emirate’s institutions are obliged to transparently report their income and expenses to the “Central Financial Authority.”

In a press release, the Ministry of Justice said it published the decree of the leadership of the Islamic Emirate regarding the Financial Accounting Law and the organization of the affairs of emirate companies in the official gazette.

The Financial Accounting Law includes a preamble, one chapter and 20 articles that are applicable to the financial affairs of the institutions of the Islamic Emirate.

The Financial Affairs Department of the Leadership Office of the Islamic Emirate (Central Financial Authority) is responsible for its implementation.

The press release said under the law, all financial officials of the Emirati institutions were obliged to provide a complete and transparent account of receiving and expending funds to the Central Financial Authority, which would accurately calculate the receipt, expenditure and other financial matters with the officials in charge of these matters.

The statement said the law describes all steps in receiving funds from the Central Financial Authority, including salaries, allowances and miscellaneous expenses of the employees of the Emirati institutions, as well as reporting on the manner of spending funds, returning excess funds, submitting expenditure documents, and managing the funds of the orphanages and their allowances.

This decree specifies responsibilities of the General Directorate of Emirati Companies, the procedure of establishing Emirati companies, the organization of budget and financial affairs, supervision, and other issues related to these companies.

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