Saudi Arabia Hosts IPSASB Meetings, Highlighting Sustainability and Public Financial Management

KSA, 11 December, 2024 : Riyadh, Saudi Arabia – His Excellency Abdulaziz Alfuraih, Chairman of the Steering Committee at the Ministry of Finance, inaugurated the International Public Sector Accounting Standards Board (IPSASB) meetings held in Riyadh from December 10-13, 2024.

In his opening address, Alfuraih emphasized the significance of the 2024-2028 strategy and work program in enhancing transparency and efficiency in public financial management. He described it as a global roadmap to improve public sector performance and support development goals worldwide.

A key focus of the strategy is sustainability standards, which Alfuraih called a collective responsibility. He highlighted the importance of sustainability reporting as a necessity for balancing economic growth and environmental protection. He also praised Saudi Arabia’s leadership in promoting these standards in the Middle East, underscoring their positive global impact.

The meetings showcased Saudi Arabia's progress in implementing International Public Sector Accounting Standards (IPSAS), including financial reporting and the transition to accrual accounting. Discussions covered proposed amendments to enhance standards and address public financial management challenges.

The event featured several activities, including the Saudi Public Sector Accounting Forum, the IPSASB Advisory Group meeting, and visits to historic national monuments.