The Saudi Ministry of Finance, through its Accrual Accounting Center, has concluded its involvement in the Public Sector Standard Setters Forum held in Lisbon, Portugal from September 7 to 9, 2025.
During the forum session titled “Shaping Tomorrow Together – Embarking on The Journey,” the Ministry emphasized its commitment to building a transparent financial system as part of Saudi Vision 2030. According to the Ministry, “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 Ministry also stated that this participation was important for sharing Saudi Arabia’s experience and lessons learned in order to promote knowledge exchange.
Representatives from the Ministry took part in discussions related to the International Public Sector Accounting Standards Board (IPSASB) Work Program. They presented a briefing on an ongoing project concerning accounting methods for technology assets and databases. This was followed by a roundtable discussion about the project’s potential global impact and feasibility within IPSASB’s standards.
At an exhibition accompanying the forum, the Ministry showcased recent projects focused on transitioning to accrual-based accounting. Materials included a platform with access to a “Transformation Journey” handbook via QR code and other information about how these changes aim to improve reliability and transparency in financial reporting.
The Ministry said its participation at this international event is meant to highlight Saudi Arabia’s position globally and aligns with strategic goals under Saudi Vision 2030. As stated by officials: “This participation also stems from the importance of sharing the Saudi experience, with its enablers and applicable lessons, to expand its impact and promote knowledge exchange.”
