3/21/2025
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The Saudi Ministry of Finance concluded its participation in the first-quarter (Q1) meeting of the International Public Sector Accounting Standards Board (IPSASB), held in Washington DC March 18-21, 2025. The meeting participants discussed a number of important topics and issues and approved advisory papers related to various accounting topics relevant to public sector operations.
During the meeting, a presentation was made on the limited-scope update of the Public Sector Accounting Standard (IPSAS 33), entitled "First-Time Adoption of Accrual Basis IPSAS," which highlighted Saudi Arabia's contribution to achieving amendments that enhance clarity and consistency in the standard. This was made possible through the efforts of the Saudi team alongside the Council's staff since the project's inception, particularly in areas related to the definition of estimated cost and maintaining the standard's number to ensure that entities adopting IPSAS standards are not confused. Additionally, Saudi Arabia continues to support this project, further strengthening its contribution to the development of international public sector accounting standards.
The Ministry also participated in the first discussion session of the Public Sector Accounting and Financial Reporting Conference 2025, held alongside the council meetings, entitled “IPSAS Implementation Progress: Success Stories and Challenges." The main objective of this session was to provide an overview and insights on PSA/IPSAS implementation reforms at country, regional, or global levels, focusing on lessons learned and key challenges.
This representation contributes to achieving Saudi Arabia's Vision 2030 by enhancing the Kingdom's international presence, particularly in the field of international accounting standards. This is done through its representation in the International Public Sector Accounting Standards Board (IPSASB). Through this participation, the Kingdom seeks to influence the development of global public sector accounting standards, thereby enhancing its position as a leading center for financial transparency and accountability in the public sector, and supporting its goals of improving financial performance and achieving sustainable development.
The International Public Sector Accounting Standards Board (IPSASB) is an international organization that develops and issues international accounting standards for the public sector, which Saudi Arabia has adopted as the basis for preparing financial statements based on accrual accounting.
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Last Update :
3/21/2025 11:29 PM