ISLAMABAD: Federal Board of Revenue (FBR) wing of Directorate General of Training and Research Customs has conducted a workshop on the theme of ‘Preparing of Budget and other Financial Statements’ for the officers and officials of the FBR.
The board has conducted the workshop before the upcoming budget 2019-2020 preparation. The trainer Director (Finance) at STI, Establishment Division Safdar Shah gave a detailed lecture on characteristics of successful accounting system and how to limit risks and costs that come with making financial decision.
Meanwhile, the trainer also highlighted during the workshop that budgeting should be both top down and bottom up; for instance upper level management and middle level management will both work to finalize a budget. He emphasized that the budgeting process should be streamlined by developing a financial model. Financial models can facilitate to assess decisions before they are made and it is for dramatically improving budgeting process.
Safdar Shah also focused on financial planning and budgeting to make it value-added which requires clear channels of communication, support from upper-level management, participation from various personnel, and predictive characteristics. Budgeting should not strive for accuracy, he added.
During the workshop, question-answer session was also conducted while after completing the workshop, the trainer also distributed the certificates among the participants.
