Fixed Asset Management Policy is prepared in accordance with best practices.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, stressed the importance of the fixed assets management policy and procedures in the federal government, which were recently approved by the Cabinet, and its role in achieving the optimal use of the federal government’s assets to provide the best services, documenting and unifying policies and procedures related to the management and monitoring of fixed assets, and defining the rules and principles that must be observed in various functions related to the life cycle of assets, noting that these policies were prepared in accordance with best practices.

Al Khouri said in a statement yesterday that in light of the Ministry of Finance launching a comprehensive and integrated program aimed at transforming the federal government to accrual accounting, and where the asset standard is a major axis for achieving this transformation, the operational framework for fixed asset management is an important requirement for achieving the strategic objectives of the federal government, in terms of exploiting and managing government resources efficiently according to best practices, adding: “Therefore, the Ministry of Finance has worked to review and develop policies and procedures related to assets in the federal government, with the aim of preparing comprehensive policies to organize all the federation’s properties, whether real estate or non-real estate assets, in accordance with best practices in this regard, as the ministry is responsible for managing and organizing the federal government’s assets, and developing policies and procedures related to them.”

According to the statement, the Federal Government’s fixed assets management policy included provisions related to purchasing vacant lands or buildings, forming a committee to purchase federal real estate properties, provisions for selling federal real estate properties, and the mechanism for recovering federal government lands and buildings by local governments.

The policy also adopted the implementation of the Real Estate Registry Platform, in addition to the controls and requirements for the use and exploitation of the Federation’s properties, the rules and guidelines that federal entities must adhere to in order to occupy any space in any of the Federation’s real estate properties, and the provisions related to coordination, management and disposal of the Federation’s properties.

This policy aims to document and standardize policies and procedures related to asset management and control that represent the general framework of the internal control system over assets in the federal government, such as asset insurance, asset inventory, asset exclusion, asset maintenance, etc. It also aims to determine the guidelines for effective asset management, in addition to determining the provisions and rules that must be observed in various functions related to the asset life cycle, and describing policies related to assets and the steps for purchasing, selling, and consuming tangible and intangible assets.