DUBAI, 2nd May, 2018 (WAM) — The Executive Council of Dubai, TEC, has been announced as the first entity within Dubai Government to implement the International Public Sector Accounting Standards, IPSAS, following the recently announced strategic partnership between the Department of Finance, DOF, of the Government of Dubai and Deloitte, the world’s largest professional services firm.
Implementing IPSAS supports the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to achieve the objectives of Dubai Plan 2021.
The agreement, signed in March between DOF, and Deloitte Middle East, is part of Dubai Government’s continuous improvement of financial reporting across its entities, ultimately enabling effective decision-making and delivering to the Department of Finance’s Strategic Plan 2017-2021 on the adoption of international accounting standards.
Stemming from Dubai Government’s commitment to promote further transparency and reliability, as well as contribute to sustainable government financial effectiveness, the Executive Council was keen to be at the forefront of this drive to underline the importance of all government entities’ commitment to embark on this phase of IPSAS.
Abdulla Al Basti, Secretary-General of TEC, expressed his delight and stressed the importance of the partnership to all government entities across the emirate.
Commenting on the occasion, Al Basti said, “We are proud and pleased that the Department of Finance took a leap in the direction of government excellence, ensuring that government operations are based on competency, accountability, reliability, and transparency. The recently announced partnership reaffirms Dubai’s position as a leader in the region, and is testament to the government of Dubai’s commitment towards continuous progress and excellence.”
“The Executive Council is proud to spearhead this movement by being the first to implement IPSAS across its operations. We encourage all government entities to collaborate as one team with the Department of Finance during this phase of assessment and planning to guarantee that we operate collectively and ensure a seamless implementation process,” he added.