The Saudi Ministry of Finance held the Public Sector Accounting Forum in Riyadh today under the patronage of Minister of Finance Mohammed bin Abdullah Al-Jadaan, with the attendance of a host of senior local and international officials and experts. The forum reviewed the Kingdom's notable achievements in applying international public-sector accounting standards on an accrual basis, and highlighted the successes it has achieved in this strategic transformation.

The Accounting Transition: Vision 2030 at the Heart of the Achievement

Abdulaziz Al-Furaih, chairman of the steering committee at the Ministry of Finance, said this achievement marks a major step toward strengthening financial transparency and the efficient management of government resources, noting that Vision 2030 and full government support were the cornerstone of this success. He added that the transition strengthens the Kingdom's standing as a key contributor to setting international standards.

Panel Discussions: Local and Global Expertise

The forum featured panel discussions addressing the accounting transition from different angles:

  1. The Kingdom's experience between implementation and the international outlook: Saudi Arabia presented its experience with the transition, with Ian Carruthers, Chair of the International Public Sector Accounting Standards Board, stressing the importance of Vision 2030 and leadership support.
  2. Changing financial culture in the public sector: discussed the importance of cultural transformation in achieving fiscal sustainability, with experts pointing to the role of training and capability-building in ensuring a successful transition.

Honoring Leading Agencies

The forum honored government agencies that demonstrated excellence in the accounting transition:

  • The Ministry of Communications and Information Technology, King Saud University, and the Saudi Water Authority received the Diamond Award.
  • The Digital Government Authority, the Ministry of Environment, Water and Agriculture, and the National Center for Waste Management ("Mowan") received appreciation awards for their innovations and supporting efforts.

A Pivotal Event and International Hosting

The forum coincided with the Kingdom hosting the meetings of the International Public Sector Accounting Standards Board (IPSASB), with the participation of more than 600 experts and global regulators, reflecting the Kingdom's leading role in developing international accounting standards.