Saudi Ministry of Finance Wraps Up Participation in IPSASB Meetings

KSA, 16 December, 2024 : The Saudi Ministry of Finance has concluded its participation in the International Public Sector Accounting Standards Board (IPSASB) meetings, held in Riyadh from December 10-13, 2024.

During the meetings, participants discussed the strategic directions for 2024-2028, reviewed the adoption of international accounting standards in the public sector, and explored efforts to harmonize these standards with government financial statistics. The event also featured interactive sessions on financial statement presentation and sustainability issues in the public sector, in collaboration with the World Bank.

Hamad Alkanhal, Saudi Deputy Minister for Financial Affairs & Accounts, highlighted the Kingdom’s commitment to implementing the latest international public sector accounting standards to improve financial transparency and governance. He noted the impact of accrual accounting on investor confidence and financial planning.

The meetings also included a session with the Consultative Advisory Group (CAG) and discussions on proposed amendments to enhance financial reporting and public financial management.

An exhibition at the event featured presentations from several government agencies, including the National Center for Government Resources Systems (NCGR), the Zakat, Tax and Customs Authority, and the Saudi Organization for Chartered and Professional Accountants (SOCPA), among others.