Saudi Arabia is set to open first financial center with unified policies and guides – Saudi Gazette

Saudi Arabia is set to open first financial center with unified policies and guides – Saudi Gazette

Saudi Gazette reportRIYADH — Abdul Aziz Al-Furaih, chairman of the Steering Committee at the Ministry of Finance, revealed on Tuesday that Saudi Arabia is set to opening the first financial center based on an integrated system of unified and harmonized standards, policies and guides at the national level. This is regarded as a step that increases the efficiency of the government’s financial and accounting performance, he said.Al-Furaih made the remarks while opening the Leadership Forum for the Transformation to Accrual Accounting,” organized by the Ministry of Finance in Riyadh on Tuesday. He said that switching to the accrual basis of accounting in its form and subject matter provides benefits and returns that exceed the time and effort invested. He indicated that converting the entity and issuing its financial reports, according to the new system, provides accurate and comprehensive financial information that supports decision-making. “It also enables performance evaluation, setting targets and accountability, objectivity, and other benefits that improve the capabilities of the entity and the system in all financial and economic fields,” he said.Al-Furaih highlighted the most prominent achievements of the transformation, which includes issuing more than 190 opening balance lists for the year 2022, equivalent to 95 percent of