BrazilDeloitte to help Dubai's finance department implement accounting standards
Big Four accounting and advisory firm Deloitte has been selected by Dubai’s Department of Finance to help implement the International Public Sector Accounting Standards which seek to improve governmental financial reporting worldwide.
In its continuing effort to enhance financial reporting practices across all Dubai government agencies, the Department of Finance (DOF) of the Government of Dubai has formed a strategic partnership with professional services giant Deloitte to institute the International Public Sector Accounting Standards (IPSAS) in the nation. The project is in line with the DOF’s Strategic Plan 2017-2021, and aims to create greater transparency and accountability.
The agreement was signed by the Director General of the Department of Finance, Abdulrahman Saleh Al-Saleh, and Deloitte’s Maher Al-Khalil, a board-of-directors member for the firm in the Middle East and the leader of its Operations service-line in the region. The signatories expressed their belief that the implementation would be achieved in line with its ambitious time-frame, and that it would promote the Government of Dubai as a leader in the area.
In a release from the firm, Deloitte Middle East Audit Partner Mohammed Jallad was cited as stating that the “accrual accounting IPSAS standards are the most internationally recognised and widespread in the government and public sector,” adding that the “the continuous efforts of governments worldwide to implement IPSAS enhances global cooperation and allows for constructive comparison of financial performance.”
The set of standards are designed and governed by the International Public Sector Accounting Standards Board, an independent arm of the global International Federation of Accountants (IFAC) organisation for accountancy professionals which is comprised of more than 175 members and associates from over 130 countries and jurisdictions and altogether represents nearly 3 million accountants worldwide.
Director General Al-Saleh in turn noted the Dubai government’s “emphasis on promoting further transparency and reliability, contributing to sustainable government financial effectiveness” in accordance with the Dubai Strategic Plan 2021, reinforcing it as a pillar for government operations based on “competency, accountability and creativity.”
Deloitte’s standing in the Middle East, with the firm’s continuous presence in the region since 1926 and array of recent awards, including being named the Advisory and Consultancy Firm of the Year for 2016 in the CFO Middle East awards, no doubt contributed to its selection by the Dubai government as a trusted partner on the project. Altogether, Deloitte has 26 offices across 15 countries in the region, featuring more than 3000 partners, directors and staff.
