The Ministry of Finance concluded its participation in the meetings of the International Public Sector Accounting Standards Board (IPSASB), hosted by the Kingdom December 10-13, 2024, in Riyadh.
According to a press release issued by the Finance Ministry today, the meeting participants discussed the strategic directions for 2024-2028 and reviewed the progress in the adoption and application of international accounting standards in the public sector. They also discussed enhancing the harmonization between international accounting standards and government financial statistics standards (GSFM2014), and hosted interactive sessions that included updates of ongoing projects, discussions on the presentation of financial statements, and sustainability issues in the public sector, in cooperation with the World Bank. The event also highlighted the Kingdom’s experience in applying international accounting standards in the public sector, which reflects its commitment to support financial transparency and enhanced governance.
The release added that the Deputy Minister for Financial Affairs & Accounts, Hamad Alkanhal, stressed that the Kingdom is keen to apply the best and latest international accounting standards for the public sector, both to raise the level of transparency to its highest levels and to improve impacts in financial planning and project management. For government agencies that apply these standards, the most important of which is accrual accounting, they note that the application of these standards has a tangible impact on increasing the confidence of local and international investors, in addition to its impact on the macroeconomy and the quality of data and reports.
On the sidelines of the meetings, the Kingdom also held a meeting with the Consultative Advisory Group (CAG) team, at which they underscored the Kingdom’s efforts in implementing and advancing international public sector accounting standards, with a focus on financial reporting and the transition to accrual accounting. Discussions also addressed proposed amendments to enhance these standards and improve public financial management globally.
The exhibition accompanying the meetings also included the participation of a number of government agencies that discussed their achievements during 2024, including: the National Center for Government Resources Systems (NCGR); Government Expenditure & Projects Efficiency Authority; Saudi Organization for Chartered and Professional Accountants (SOCPA); National Center for Privatization; Financial Skills Center; the Zakat, Tax and Customs Authority; National Debt Management Center (NDMC); and the Education and Training Evaluation Commission.
