Legislation Details
- Full Title: Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities
- Law Type: Cabinet Resolution
- Law Number: No. (29) of 2019
- Issued Date: 21 Apr 2019
- Effective Date: 21 Apr 2019
- Official Gazette: No. 652
- Sector: Finance and Banking
- Status: Active
- Number of Articles: 4
- Chapters/Parts: 0
- Amendments: 0
Summary
This Cabinet Resolution repeals the previous Cabinet Resolution No. (9) of 2014 concerning the unified list of financial and accounting policies for independent federal entities in the UAE. The purpose of this law is to remove the previously established set of financial and accounting policies that applied to independent federal government agencies. This change gives these entities more flexibility in managing their own financial and accounting practices, rather than being bound by a centralized policy framework. For businesses and individuals interacting with independent federal agencies, this means they will need to be aware of any changes to financial procedures and requirements, as these may now vary across different government bodies. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What is the scope and purpose of this law?
The scope of this Cabinet Resolution is to repeal the previous Cabinet Resolution No. (9) of 2014 concerning the unified list of financial and accounting policies for independent federal entities in the UAE. The purpose is to remove the centralized financial and accounting policy framework that previously applied to these independent government agencies. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019, Art. 1)
What are the key definitions under this law?
The legislation does not specify any key definitions. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What are the main obligations and requirements?
The legislation does not impose any new obligations or requirements. It simply repeals the previous Cabinet Resolution No. (9) of 2014, thereby removing the unified financial and accounting policies that had applied to independent federal entities. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019, Art. 1)
What licensing, registration, or approval requirements exist?
The legislation does not specify any licensing, registration, or approval requirements. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What rights and protections does this law provide?
The legislation does not provide any new rights or protections. By repealing the previous unified financial and accounting policies, it gives independent federal entities more flexibility and autonomy in managing their own financial practices. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019, Art. 1)
Which authorities or bodies are responsible for enforcement?
The legislation does not specify any authorities or bodies responsible for enforcement, as it simply repeals the previous policy framework without establishing any new governance mechanisms. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What are the penalties for non-compliance?
The legislation does not impose any penalties, as it does not establish any new obligations or requirements. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What fees, charges, or financial provisions are specified?
The legislation does not specify any fees, charges, or financial provisions. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What exemptions or exceptions apply?
The legislation does not provide any exemptions or exceptions, as it simply repeals the previous policy framework without establishing any new rules. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
How are disputes resolved under this law?
The legislation does not specify any dispute resolution mechanisms. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
What are the key deadlines and time limits?
The legislation does not establish any deadlines or time limits, as it simply repeals the previous policy framework without introducing new requirements. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019)
How does this law interact with other UAE legislation?
This Cabinet Resolution repeals the previous Cabinet Resolution No. (9) of 2014 concerning the unified list of financial and accounting policies for independent federal entities. It does not mention any other related legislation. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019, Art. 1)
When did this law come into effect?
This Cabinet Resolution came into effect on the date of its issuance, which was 21 April 2019. It was then published in the Official Gazette No. 652 on 30 April 2019. (Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities, 2019, Art. 2)
Source Documents
This article analyses Cabinet Resolution Repealing Cabinet Resolution Concerning the Unified List of Financial and Accounting Policies for Independent Federal Entities for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.