Saudi Arabia Set to Establish Its First Financial Centre
Saudi Arabia is poised to establish its first financial centre based on harmonised accounting standards, according to senior officials at a forum held in Riyadh earlier this week.
Abdulaziz Al-Furaih, Chairman of the Steering Committee at the Ministry of Finance, said switching to accrual-based accounting is a “big and blessed step” that will help the kingdom achieve its Vision 2030 goals.
He said accrual accounting will provide more accurate and comprehensive financial information to support decision-making, performance evaluation, and accountability across government entities.
Al-Furaih also touched on some of the transform’s achievements, including issuing over 190 opening balance sheets for 2022 and more than 180 financial statements. Over 6,000 government staff have been trained on the new system.
Hamad Al-Kanhal, Undersecretary for Finance and Accounts, said the shift is a strategic national project that will build better financial data to guide policy decisions.
The comments came at The Leadership Forum for the Transition of Accrual Accounting, held in Riyadh on January 2, which brought together pioneers in the accounting sector and several public sector professionals.
