The Executive Council of Dubai complies with The International Public Sector Account Standards (IPSAS)02.05.2018
The Executive Council of Dubai (TEC) has announced being 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, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council to achieve the objectives of Dubai Plan 2021.
The agreement, signed in Marchbetween 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.
His Excellency Abdulla Al Basti, Secretary General of The Executive Council of Dubai, expressed his delight and stressed the importance of the partnership to all government entities across the emirate.
Commenting on the occasion, His Excellency 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”
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 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.
"We are delighted that the Executive Council of Dubai is the first government entity to apply IPSAS standards in the public sector, in record time, which makes the Executive Council, proudly, an role model to be followed by all government entities," Al Saleh added.
Government entities are expected to complete the implementation of IPSAS within an ambitious timeframe and a set schedule, positioning the government of Dubai on a pedestal like no other.