Dubai’s Department of Finance and Deloitte sign strategic partnership for the implementation of IPSAS has been saved
Dubai’s Department of Finance and Deloitte sign strategic partnership for the implementation of IPSAS
12 March, 2018 — The Department of Finance (DOF) of the Government of Dubai announced a strategic partnership agreement with Deloitte to enable the Government of Dubai to implement International Public Sector Accounting Standards (IPSAS). 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, enabling effective decision-making and delivering to DOF’s Strategic Plan 2017-2021 on the adoption of international accounting standards.
The strategic 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. DOF emphasized that it 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, Audit Partner 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.
During the signing ceremony, participants expressed their confidence in completing the implementation according to schedule, positioning Government of Dubai as a leader, preparing comprehensive financial reports in compliance with International Public Sector Accounting Standards within an ambitious timeframe.
About The Department of Finance for the Government of Dubai
The Department of Finance for the Government of Dubai (DOF) was established in 1995 under the Law no. (5), to supervise all financial and accounting affairs of the Government of Dubai, in addition to issuing consolidated financial statements for the emirate's government.
DOF is responsible for the development of the government's general annual budget and its execution in cooperation with all relevant local government entities. Furthermore, DOF provides liquidity, including transferring sanctioned budgetary allocations to all relevant government entities. It also oversees the preparation and development of financial resources, and verifies the collection and provision of general revenues, while also supervising government banking accounts.
For more information, please contact:
Relations and Communication Manager
Department of Finance, Government of Dubai
Direct +971 4 405 6079
Mobile +971 50 429 9150
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Deloitte provides audit, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has also received numerous awards in the last few years, which include bestAdvisory and Consultancy Firm of the Year 2016 in the CFO Middle East awards, best employer in the Middle East, the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.
The information contained in this press release is correct at the time of going to press.