Abu Dhabi Hosts IPSASB Meeting
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 09th Dec, 2019) As part of the Abu Dhabi Department of Finance's ongoing efforts to improve the quality and basis for the preparation of financial statements at the emirate level and adoption of the best international standards in this field, the department will host the December 2019 International Public Sector Accounting Standards Board, IPSASB, meeting.
Participants will include board members who are representatives of ministries of finance, government audit authorities and other independent members with expertise in public sector financial reporting and management, in the presence of several finance managers from different governments departments and entities.
Jassim Mohammed Bu Etabah Al Zaabi, Chairman of Department of Finance - Abu Dhabi, said the capital is hosting this meeting as it reflects the prestigious position that the UAE occupies in international forums and emphasises the confidence of the international community in Abu Dhabi's ability to host major international events and conferences.
He 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's vision.
"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," he explained.
Al Zaabi noted that, "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."
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."