The forum attracted more than 600 attendees, including local and international experts. Credit: Anton Gvozdikov/Shutterstock.

Saudi Arabia has transitioned to International Public Sector Accounting Standards (IPSAS) on an accrual basis, marking a step in public financial management, reported Arab News.  

This move aligns with the Kingdom’s Vision 2030 agenda, which aims to modernise public sector financial practices and enhance transparency, accountability, and decision-making. 

The announcement was made at the Saudi Public Sector Accounting Forum in Riyadh, under the patronage of Finance Minister Mohammed Al-Jadaan.  

The forum emphasised Saudi Arabia’s shift to accrual-based accounting and its adoption of IPSAS.  

Saudi finance for policies and governance assistant deputy minister Abdullah Al-Mehthil said: “Accrual accounting enhances the Kingdom’s ability to make strategic decisions by providing detailed insights into long-term financial obligations and improving the overall quality of financial reporting.” 

Saudi Finance for finance for financial affairs and accounts deputy minister Hamad Al-Kanhal said: “This is not just the implementation of an accounting standard; it is a comprehensive change management process that requires continuous commitment and collaboration across all relevant entities.” 

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International Public Sector Accounting Standards Board chairman Ian Carruthers highlighted the impact of Vision 2030 and the Ministry of Finance’s leadership in driving this success. 

Ministry of Finance financial affairs and accounts assistant deputy minister Mohammed Al-Nwaiser underscored the need to evolve financial practices for long-term sustainability post-transition. 

Financial Skills Center CEO Abdullah Majrashi highlighted the centre’s role in enhancing financial literacy and building capacity within the public sector workforce.  

IPSASB programme leader and technical director Ross Smith noted that Saudi Arabia’s progress is due to its well-structured approach, overcoming resistance often stemming from knowledge gaps. 

The forum attracted more than 600 attendees, including local and international experts, standard-setting legislators, and leaders from various Saudi government entities.