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Friday, Aug 12, 2022

Saudi Health Ministry begins transition to accrual accounting

Saudi Health Ministry begins transition to accrual accounting

The Ministry of Health launched on Thursday the project for transformation from cash-based accounting to accrual accounting at its headquarters in the Kingdom’s Digital City.
The actual launch of the project comes after the success of the pilot phase, which was implemented following the issuance of a royal decree approving the conversion of all government agencies to accrual accounting, the Saudi Press Agency (SPA) reported.

The ministry is one of the first government agencies to adopt the project, which comes in accordance with international accounting standards in the public sector in a bid to strengthen the country's financial position.

The project is launched to achieve one of the pillars of the Kingdom's Vision 2030 in relation to improving the quality of financial accounts and enhancing transparency to improve the government accounting system and accounting audit standards.

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