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Department of Finance - Abu Dhabi Hosts the International Public Sector Accounting Standards Board (IPSASB) meeting

Posted on 9 December 2019

Abu Dhabi, 4 December 2019As part of The Department of Finance – Abu Dhabi ongoing efforts for improving the quality and basis for financial statements preparation at the Emirate level and adoption of the best international standards in this field, The Department of Finance - Abu Dhabi will host the December 2019 International Public Sector Accounting Standards Board (IPSASB) meeting from 10 to 13 of this month at Grand Hyatt Hotel, Corniche Abu Dhabi. Participants include Board members who are representatives of ministries of finance, government audit authorities and other independent members with expertise in the public sector financial reporting and management, in the presence of a number of Finance managers from different governments departments and entities.

His Excellency Jassim Mohammed Bu Etabah Al Zaabi, Chairman of Department of Finance - Abu Dhabi, the capital is hosting this meeting as it reflects that prestigious position that UAE occupies in international forums and emphasizes the confidence of the international community in Abu Dhabi's ability to host major international events and conferences. His Excellency said "This confidence unquestionably confirms the corrective approach that the government follows in its quest to create a sustainable and knowledge -based economy, inspired by the wise leadership vision."

His Excellency also said: “The Government of Abu Dhabi is keen to review the best international accounting practices in the public sector. Since 2008, the Department of Finance - Abu Dhabi has taken the lead in adopting the International Public Sector Accounting Standards (IPSAS) for the preparation of its financial statements to be the first government in the Middle East which prepares its financial statements based on IPSAS. The Department of Finance will continue to work with its international partners to strengthen its international presence and its position as the best finance department in the region and the main supporter for Abu Dhabi's comprehensive and sustainable development plan.”

The IPSASB follows an open and transparent due process to ensure that IPSAS are developed in the public interest. This process provides the opportunity for all those interested in public sector financial reporting globally, an opportunity to make their views known, and ensures that all views are considered in the development of standards.

Ian Carruthers, IPSASB Chairman, said “IPSASB works to improve the quality and transparency of public sector financial reporting worldwide through the development of high-quality accounting standards for the public sector, and encouraging government entities around the world to adopt and implement these standards and promote coordination between them.

This December’s meeting is an important one for the Board, and we are pleased to have been invited to hold it in a country that is one of the key adopters of our standards in the region. “

This is the second time that Abu Dhabi Government hosts the Board meeting after its successful hosting in 2013.


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