Dubai DoF signs agreement with Deloitte for IPSAS
Department of Finance to implement International Public Sector Accounting Standards
The Department of Finance (DOF) of the Government of Dubai has signed strategic partnership agreement with Deloitte to implement International Public Sector Accounting Standards (IPSAS).
The IPSAS are are a set of accounting standards issued by the IPSAS Board for use by public sector entities, with the aim of improving the quality of general purpose financial reporting by public sector entities, and thereby increasing transparency and accountability.
DOF signed the agreement with Deloitte, the world's largest professional services firm, as part of its continuous improvement of financial reporting across the Government of Dubai, as part of DOF's Strategic Plan 2017-2021 on the adoption of international accounting standards.
The partnership agreement was signed by Abdulrahman Saleh Al-Saleh, Director General of DOF, and Maher Al-Khalil, Member of the Board of Directors at Deloitte Middle East and Managing Partner of Consulting Operations services in the region.
The DOF has embarked on the implementation phase of IPSAS in close collaboration with the finance leadership of the Government of Dubai entities and in partnership with the Deloitte specialists.
Director General Al-Saleh highlighted the Government of Dubai's emphasis on promoting further transparency and reliability, contributing to sustainable government financial effectiveness. This is in alignment with Law No. 1 of 2016 on Dubai Government Financial Regulation and in line with Dubai Strategic Plan 2021, reinforcing its contribution as a leading pillar in government operations based on competency, accountability and creativity, recognizing and commending the high degree of collaboration with governmental entities during the assessment and planning phases of the program.
Jamal Hamed Al Mari, Executive Director of the Central Accounts Sector, DOF, stated that the IPSAS implementation phase is based on clear Government directives to further enhance the quality and completeness of financial reporting. The leads to financial reporting at the highest quality levels, in accordance with relevant international standards, and as stipulated by the 2016 Law No. 1 on Dubai Government Financial Regulation.
Mohammed Jallad, Partner leading IPSAS implementation services at Deloitte in the Middle East, explained that accrual accounting IPSAS standards are the most international recognized and widespread in the government and public sector. He also stressed that the continuous efforts of governments worldwide to implement IPSAS enhances global cooperation and allows for constructive comparison of financial performance. In the context of Dubai, this contributes to further improving government financial management for the Emirate.