The Ministry of Finance (MoF), in cooperation with Dubai Department of Finance (DoF), recently held a workshop on the experience of the Government of Dubai in applying the accrual basis of accounting in accordance with the International Public Sector Accounting Standards (IPSAS). The workshop, which was held virtually, comes in line with MoF’s ongoing efforts to further enhance government financial work in the UAE and use the best government accounting methodologies based on international standards.
The workshop, which was attended by members of the Departments of Finance in the UAE governments and officials from MoF, sought to showcase the sound financial practices experience at the UAE level, and benefit from the Government of Dubai’s experience in applying the accrual basis of accounting in accordance with the IPSAS.
His Excellency Saeed Rashid Al Yateem, the Assistant Undersecretary of Resources and Budget Sector reaffirmed MoF's commitment to providing all necessary resources and support to the UAE's Departments of Finance, to enhance the effectiveness of accounting planning and improve the quality and transparency of financial reports. This, in turn, will enable MoF to achieve its strategic objectives, foremost of which is raising the effectiveness of financial planning and implementing the general budget efficiently and in accordance with the best international practices and standards.
Al Yateem said: “This workshop comes within our keenness to showcase all successful experiences of sound financial practices at the UAE level and make use of them across all the Departments of Finance of the UAE governments – in order to enhance the UAE Government’s position within the world's leading governments in applying the best management methodologies and government accounting standards.”
The workshop introduced the International Public Sector Accounting Standards (IPSAS) and the importance of adopting international accounting standards in the public sector. It also reviewed the draft IPSAS at the level of the Government of Dubai and the government entities, as well as the most prominent challenges, achievements and lessons learned from the experience of the Government of Dubai in applying accrual accounting in accordance with the IPSAS.
At the end of the workshop, discussions were held and inquiries from attendees were received and answered.
© Press Release 2021