Riyadh, March 24, 2025 – The Saudi Ministry of Finance concluded its participation in the Q1 meeting of the International Public Sector Accounting Standards Board (IPSASB), which took place in Washington DC from March 18 to 21. During the meeting, several important topics were discussed, and advisory papers related to public sector accounting were approved.
A presentation was given on the limited-scope update of the Public Sector Accounting Standard (IPSAS 33), titled “First-Time Adoption of Accrual Basis IPSAS,” which highlighted Saudi Arabia’s contribution to amendments enhancing clarity and consistency in the standard. This was achieved through the efforts of the Saudi team working alongside the council’s staff, particularly in areas such as the definition of estimated cost and maintaining the standard’s number to avoid confusion for entities adopting IPSAS standards. Saudi Arabia continues to support this project, strengthening its role in 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, titled “IPSAS Implementation Progress: Success Stories and Challenges.” The session provided an overview of PSA/IPSAS implementation reforms at the country, regional, and global levels, focusing on lessons learned and challenges.
This representation contributes to achieving Saudi Arabia’s Vision 2030 by strengthening the Kingdom’s international presence, particularly in international accounting standards. Through its participation in the IPSASB, Saudi Arabia aims to influence the development of global public sector accounting standards, positioning itself as a leader in financial transparency and accountability in the public sector and supporting its goals of improving financial performance and achieving sustainable development.
IPSASB is an international body that develops and issues international accounting standards for the public sector, which Saudi Arabia has adopted for preparing financial statements based on accrual accounting.
