Posted on October 25, 2017

The Qatar Institute for Public Finance (QIPF), in collaboration with the Ministry of Finance (MoF), and the Organization for Economic Cooperation and Development (OECD), has concluded its ‘Best Practices in Accounting, Asset, Liabilities and Risk Management’ workshop last Wednesday, which was held in the framework of the three organizations' commitment to developing sustainable and efficient public finance strategies.

Sharing the outcomes and insights drawn over the 3 days of the workshop, Dr. Mohammed Abdullah Al Emadi, Acting CEO of QFBA, said: “One of the key objectives of QIPF is to keep abreast of the most advanced and up-to-date practices in the world in the field of Public Finance. The Institute’s recent workshop on the ‘Best Practices in Accounting, Asset, Liabilities and Risk Management’ witnessed the discussion of a number of key issues in the field at the national and regional levels, and has definitely helped push our mission forward.”

He added: “The workshop has successfully achieved its set objectives, during which the results of research papers concerning OECD countries and the MENA region were shared by distinguished academics and experts in the field of financial accounting. The outcomes of the workshop shed a spot light on the similarity of reform experiences in OECD countries to Qatar's own ambitious reform agenda. Another topic that garnered the attention of participants was the best practices for assets management, and brought into context the significant public investment done by Qatar over the last few decades. The workshop’s discussions on challenges and success factors were particularly rich and useful as well.”

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On his part, Jón R. Blöndal, Head of the Budgeting and Public Expenditures Division at the OECD, said: “At the OECD, we are always keen on pursuing more sustainable and efficient public finance strategies that can be implemented in member states. This is carried out in line with our members’ desire to optimally utilize public resources while maintaining the quality of government services. Our joint workshop on the Best Practices in Accounting, Asset, Liabilities and Risk Management is one of many workshops we organize with that end in mind. Participants in this event engaged in fruitful discussions about a number of important topics in the field, and positively contributed to consolidating our findings, which we are confident will make a remarkable difference in the results of governmental bodies putting them to use.”

QIPF’s ‘Best Practices in Accounting, Asset, Liabilities and Risk Management’ workshop complements its predecessors and came as part of the Institute’s ongoing pursuit to raise the standards of public finance in Qatar and the MENA region. Through specialized academic research papers, the workshop highlighted a number of key topics such as accounting concepts, the outcome of OECD surveys in the MENA region, the UK experience in the field of governmental financial accounting, asset and liabilities management, and many others. Each research paper was followed by an interactive panel discussion between speakers and participants.

As one of the Institute’s founders, QFBA continues to work with the Ministry of Finance as a central institution responsible for the economy and public finances in Qatar through its market research, to analyze gaps in public sector finance, find solutions through specialized research, and implement their outcomes via training programs. In collaboration with QFBA, the MoF and the OECD, QIPF is organizing regular workshops and seminars designed to raise the level of efficiency of public financial management in Qatar and the MENA region.