6/19/2025
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The Saudi Ministry of Finance concluded its participation in the second-quarter meeting of the International Public Sector Accounting Standards Board (IPSASB) for the year 2025, held in Toronto, Canada. The meeting agenda included a number of accounting topics, as well as the approval of consultation papers related to public sector accounting standards.
The meeting participants addressed several key technical topics, most notably the advancement of the concept of “materiality", and the final amendments to the limited-scope project on “IPSAS 33" on the first-time adoption of accrual-based accounting standards. It also included annual review discussions aimed at enhancing the overall quality of public sector accounting standards. Moreover, the meeting featured publicly broadcast technical sessions demonstrating the Board's strong commitment to transparency and the continuous improvement of financial reporting in the public sector.
The Ministry's participation reflects the Kingdom's commitment to enhancing its international presence in specialized forums and actively contributing to the development of international accounting standards, in alignment with the goals of Saudi Vision 2030. It also underscores ongoing efforts to promote transparency, strengthen financial accountability, and achieve optimal efficiency in the management of public financial resources.
IPSASB is the global body responsible for developing and issuing accounting standards for the public sector. The Kingdom has adopted these standards as the foundation for preparing government financial statements based on the accrual accounting framework.
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Last Update :
6/19/2025 6:13 PM