Riyadh, Saudi Arabia – Saudi Arabia is poised to launch its inaugural financial center, with unified and standardized policies and guidelines, Chairman of the Steering Committee at the Ministry of Finance, Abdul Aziz Al-Furaih said during the inauguration of the Leadership Forum for the Transformation to Accrual Accounting in Riyadh. He said the move will enhance the government’s financial efficiency and accounting performance.
Al-Furaih highlighted the advantages of transitioning to accrual-based accounting, citing its ability to provide comprehensive financial information crucial for decision-making, performance evaluation, and accountability, Saudi Gazette reported. He highlighted Saudi Arabia’s representation in the International Accounting Standards Board within the public sector was noted as a significant achievement.
Hamad Al-Kanhal, Deputy Minister of Finance for Financial Affairs and Accounts, underlined the shift to accrual-based accounting as part of Vision 2030, emphasizing its role in supporting decision-makers with robust financial information. The Accounting Merit Pioneers program, initiated at the Merit Center, aims to foster competitiveness among government agencies, accelerating the transformation process.
Abdullah Al-Mahathal, head of the Accounting Entitlement Center, stressed the need for business sustainability to maintain the progress achieved during the transformation to accrual-based accounting.