12/10/2024
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His Excellency the Chairman of the Steering Committee at the Ministry of Finance, Mr. Abdulaziz Alfuraih, inaugurated the International Public Sector Accounting Standards Board Meetings (IPSASB), hosted by the Kingdom of Saudi Arabia December 10-13, 2024, in Riyadh.
During his speech, Alfuraih stressed that the strategy and work program for the period 2024-2028 represents a fundamental step towards achieving more transparency and efficiency in public financial management, highlighting that this strategic framework not only contributes to improving financial management, but is a roadmap to improve the performance of the public sector worldwide, and supports the development goals that all countries seek to achieve.
Mr. Alfuraih also noted that, among the priorities that come at the top of this strategy, are sustainability standards, which are a collective responsibility. He stressed that the development of a comprehensive framework for the adoption of sustainability standards in the public sector represents an important transformation point in achieving global environmental goals and enhancing transparency and accountability, moreover, sustainability reporting is no longer an option but a necessity to ensure the sustainability of natural resources and a balance between economic growth and environmental protection. He also noted to the leading role played by the Kingdom of Saudi Arabia in this area, as its entities work hard to promote the adoption of appropriate standards in the Middle East, recognizing the positive impact that can be achieved through these efforts.
The meetings highlighted the success of the Kingdom's experience and efforts in implementing and developing International Public Sector Accounting Standards, especially on financial reporting and the transition to accrual accounting. Discussions also addressed proposed amendments to enhance these standards and improve public financial management globally. Additionally, the meetings reviewed key developments and challenges.
The event's program included a number of activities, most notably: the Saudi Public Sector Accounting Forum; the meeting of the International Public Sector Accounting Standards Board Advisory Group; and visits to several historical national monuments.
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Last Update :
12/10/2024 6:17 PM