Washington: The Saudi Ministry of Finance participated in the Q1 meeting of the International Public Sector Accounting Standards Board (IPSASB), held in Washington, D.C., from March 18 to 21. The discussions covered key accounting topics, with approvals of advisory papers relevant to public sector operations.
A key highlight was Saudi Arabia’s contribution to updating IPSAS 33, focusing on clarity, consistency, and cost estimation definitions. The Kingdom’s efforts ensured that entities adopting IPSAS standards face minimal confusion, reinforcing its role in global accounting standards development.
The ministry also took part in the Public Sector Accounting and Financial Reporting Conference 2025, discussing IPSAS implementation successes and challenges at the country, regional, and global levels.
Saudi Arabia’s active engagement aligns with Vision 2030, enhancing its global presence in accounting standards, financial transparency, and accountability. The Kingdom, which has adopted IPSAS-based accrual accounting, continues to influence global public sector financial practices.
[Reported by Saudi Press Agency]
