Abdulaziz Al-Furaih, the head of the steering committee at the Saudi Ministry of Finance, announced on Tuesday that the kingdom is nearing the issuance of its first financial center based on a comprehensive system of unified and harmonized standards and policies at both the national and international levels.<\/p>\n
This is a step that enhances the efficiency of financial and accounting performance for the government.<\/p>\n
Al-Furaih pointed out that the transition to the accrual basis in its form and content provides benefits that exceed the time and effort invested.<\/p>\n
He explained that the transition helps provide accurate and comprehensive financial information that supports decision-making, enables performance evaluation, sets targets, and ensures objective accountability, among other benefits that improve the capabilities of the entity and the system in the financial and economic fields.<\/p>\n
During the opening of the “Transition to Accrual Accounting Leadership Forum” held in Riyadh, Al-Furaih touched upon the most prominent achievements of the transition.<\/p>\n
More than 190 opening balance sheets were issued for the year 2022, equivalent to 95% of the target number, and more than 180 transitional financial statements for the same year, constituting 90% of the target.<\/p>\n
Additionally, the number of known high-value assets exceeded two million. Saudi Arabia was selected for international representation within the International Public Sector Accounting Standards Board (IPSASB) and its associated working groups.<\/p>\n
Al-Furaih emphasized that the achievements realized are a first step that will be followed by inevitable steps to confirm the sustainability of operations on the accrual basis and reinforce the accomplishments achieved.<\/p>\n
On his part, Hamad Al-Kinhel, the Deputy Minister of Finance for Financial and Accounting Affairs, clarified that the transition to the accrual basis is part of the initiatives of Vision 2030, and it is a strategic national project that achieves multiple goals and benefits.<\/p>\n
It forms the appropriate foundation for building financial information that supports decision-makers.<\/p>\n
Al-Kinhel indicated that the “Accrual Pioneers” program is one of the tools of change management launched at the Accrual Center to support and create competition among government entities.<\/p>\n
The goal is to stimulate and expedite their transformation efforts with quality and within the appropriate time.<\/p>\n
Abdullah Al-Muhaidl, the head of the Accrual Center, affirmed that today’s meeting is part of the change management path and a culmination of the progress achieved by government entities in the accrual accounting transition on all levels.<\/p>\n
He emphasized the need for sustainable operations to preserve the achievements made during the previous stage.<\/p>\n","protected":false},"excerpt":{"rendered":"
Abdulaziz Al-Furaih, the head of the steering committee at the Saudi Ministry of Finance, announced on Tuesday that the kingdom is nearing the issuance of its first financial center based on a comprehensive system of unified and harmonized standards and policies at both the national and international levels.<\/p>\n","protected":false},"author":11,"featured_media":13493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1772],"tags":[2756,2758,2757],"class_list":["post-13495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-abdulaziz-al-furaih","tag-hamad-al-kinhel","tag-saudi-ministry-of-finance"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/13495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=13495"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/13495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/13493"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=13495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=13495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=13495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}