Ministry of Finance Ends Participation in Public Sector Standard Setters Forum

Lisbon: The Saudi Ministry of Finance, represented by the Accrual Accounting Center, concluded its participation in the IPSASB Public Sector Standard Setters Forum 2025, held in Lisbon, Portugal, from September 7 to 9. The ministry's involvement in the forum session entitled "Shaping Tomorrow Together - Embarking on The Journey" highlights its commitment to achieving the objectives of Saudi Vision 2030 by building a solid and transparent financial system. According to Saudi Press Agency, the transition to the accrual basis serves as a cornerstone of governance, contributing to more efficient resource allocation, better decision-making, and enhanced accountability and transparency. The forum participation stems from the importance of sharing the Saudi experience, with its enablers and applicable lessons, to expand its impact and promote knowledge exchange. The ministry team participated in the IPSASB Strategy and Work Program 2024-2028 proposals session, delivering a briefing on a priority project related to the accounting treatment of technology assets and databases. This was followed by a roundtable discussion on the proposal to explore the scope of the suggested project, its global impact, and its feasibility within the board's resources and standards. At the forum's accompanying exhibition, the ministry team introduced Saudi Arabia's latest accrual-based transformation projects and lessons shared via a platform that features a QR code for the 'Transformation Journey' handbook as well as introductory materials highlighting the transformation process and its impact on enhancing the reliability and transparency of financial reporting. The participation of the Saudi Ministry of Finance in this international event reflects its keenness to highlight the Kingdom of Saudi Arabia's global standing, in line with its strategic orientations towards achieving the objectives of Saudi Vision 2030.