Saudi Steering Committee Chairman Inaugurates IPSASB Meetings in Riyadh

The Chairman of the Steering Committee at the Ministry of Finance, Abdulaziz Alfuraih, has inaugurated the International Public Sector Accounting Standards Board Meetings (IPSASB), hosted in Riyadh from December 10 to 13.
 In an opening speech, Alfuraih stressed that the strategy and work program for the period 2024-2028 represents a fundamental step toward achieving more transparency and efficiency in public financial management. He emphasized that this strategic framework not only contributes to improving financial management but constitutes a roadmap to improve the performance of the public sector worldwide and supports the development goals that all countries seek to achieve.
 In a press release issued by the Finance Ministry today, Alfuraih also noted that sustainability standards are a key strategic priority and a collective responsibility. He stressed that the development of a comprehensive framework for the adoption of sustainability standards in the public sector represents a pivotal step toward achieving global environmental goals and enhancing transparency and accountability. Moreover, sustainability reporting is no longer an option but a necessity to ensure the conservation of natural resources and to maintain a balance between economic growth and environmental protection. He also pointed to the leading role of the Kingdom of Saudi Arabia in the efforts of its entities to promote the adoption of appropriate standards in the Middle East, recognizing the positive impact and outcomes of these initiatives.
 The release added that the meetings highlighted the Kingdom's successful experience and efforts in implementing and developing International Public Sector Accounting Standards, particularly in financial reporting and the transition to accrual accounting. Discussions also addressed proposed amendments to raise these standards and improve public financial management globally. Furthermore, the meetings reviewed key developments and challenges.
 The event's program included a number of activities, mainly the Saudi Public Sector Accounting Forum, the meeting of the IPSASB Advisory Group, and visits to several historical national monuments.