With the participation of 150 entities from the public and private sectors, the first edition of the Saudi Accountants Forum (SAF) concluded yesterday, Wednesday. The event took place from January 27 to 29 under the theme “The Accounting and Auditing Profession:Future Aspirations,” and was organized by the Saudi Organization for Certified Public Accountants at the Riyadh International Convention and Exhibition Center. The conference aimed to highlight the important role that the accounting and auditing profession plays in strengthening the foundations of the national economy, serving its institutions, and regulating the operations of various types of organizations.
50 international and local speakers and experts
Numerous professional bodies, international institutes, accounting firms, and Saudi universities participated in the forum, which featured panel discussions with more than 50 international and local speakers and experts, in addition to the launch of initiatives that serve the profession and its future, and the hosting of numerous events at the accompanying exhibition, which featured various relevant sectors and fields of expertise.
Launch of the Guide to Accounting Concepts and Standards
During the opening ceremony, the Guide to Accounting Concepts and Standards for the public sector in the Kingdom was launched, in the presence of and with the participation of Minister of Commerce and Investment Majid Al-Qasabi, Minister of Labor and Social Development Ahmed Al-Rajhi, and Minister of Education Hamad Al-Sheikh, The Guide to Accounting Concepts and Standards for the Public Sector, issued by the Accounting Accrual Center at the Ministry of Finance, was prepared following an extensive study that took into account all international public sector accounting standards, which are based on the accrual basis, and an assessment of the Kingdom’s needs.
The Guide covers a total of 40 approved topics, including the conceptual framework for general-purpose financial reports, 36 standards, and 3 recommended guidelines, The study accompanying each standard also exclusively details the amendments made to the international standard and explains the reasons for those amendments.
The First of Its Kind in the Middle East
The forum is considered the first of its kind in the Middle East, as it provides a platform for companies, accounting firms, professional bodies, regulatory and supervisory authorities, the public sector, and commercial entities to formulate a vision of how the accounting and auditing profession can contribute to achieving the Kingdom’s Vision 2030. It featured the participation of a select group of experts and stakeholders at the local and international levels, in addition to a number of government and private entities, Saudi universities, and local and international professional bodies.
The Ministry of Finance participated in the exhibition accompanying the forum with a booth presenting full details of the accounting transformation project, its objectives, and its phases. The forum also featured participation from a number of Saudi universities and official agencies.
