Saudi Arabia’s transition to accrual accounting to realize strategic objectives: Official

Abdul Aziz Al-Furaih Chairman of the Steering Committee at the Saudi Ministry of Finance 

Abdul Aziz Al-Furaih, Chairman of the Steering Committee at the Saudi Ministry of Finance, said that shifting to the accrual basis of accounting will help realize strategic and comprehensive objectives.

Among these objectives is measuring the financial performance of the government system in a reliable and comparative manner, supporting the financial monitoring requirements and enabling government officials to ensure efficient accountability, Al-Furaih said in a speech made on behalf of Minister of Finance Mohammed Al-Jadaan.

The government’s transition to accrual accounting basis is one of the most important tools to improve the state’s public finances, in line with Vision 2030. It also establishes a strategic pillar of the Ministry of Finance with regard to improving account quality and enhancing transparency, the official added.