Ministry of Finance Concludes Participation in First Quarter Meeting of International Public Sector Accounting Standards Board
The Ministry of Finance concluded its participation in the first quarter meeting of the International Public Sector Accounting Standards Board (IPSASB) for the year 2025 in Washington, D.C. The meeting, held from 18th to 21st of Ramadan 1446H corresponding to March 18-21, 2025, aimed to discuss various important topics and issues related to public sector accounting. One of the main items on the agenda was the limited scope update of IPSAS 33, titled “First-time Adoption of Accrual Basis International Public Sector Accounting Standards,” which highlighted the Kingdom’s contribution to enhancing clarity and consistency in the standard.
During the meeting, a presentation was made on the update of the public sector accounting standard IPSAS 33, which emphasized Saudi Arabia’s efforts in achieving amendments that improve clarity and consistency in the standard. The Saudi team, along with IPSASB staff, worked diligently on defining estimated cost and maintaining the standard number to ensure entities adopting IPSAS standards are not confused. The Kingdom continues to support this project, enhancing its contributions to the development of international public sector accounting standards.
The Ministry participated in the first dialogue session of the 2025 Public Sector Accounting and Financial Reporting Conference accompanying the IPSASB meeting, focusing on the adoption of IPSAS and sharing success stories and challenges. The session aimed to provide an overview of the main challenges and lessons learned in adopting IPSAS at local, regional, and international levels.
This representation aims to support Saudi Vision 2030 by enhancing the Kingdom’s international presence, especially in the field of international accounting standards, through its representation in IPSASB. Through this participation, the Kingdom seeks to influence the development of global government accounting standards, strengthening its leading position in promoting financial transparency and accountability in the public sector, and supporting its goals of improving financial performance and achieving sustainable development.
The IPSASB is the international organization responsible for developing and issuing international public sector accounting standards adopted by the Kingdom as the basis for preparing accrual-based financial statements. Saudi Arabia’s active participation in IPSASB meetings and conferences underscores its commitment to enhancing financial governance and accountability at the international level while contributing to the advancement of global government accounting standards.
