Accounting
The Royal decree has been issued approving a project to transform all government agencies from applying the cash basis to the accrual basis of accounting.
The project comes in accordance with international accounting standards in the public sector in the Kingdom of Saudi Arabia and to build the Kingdom’s financial position in order to achieve one of the pillars of the Kingdom’s Vision 2030 concerned with improving the quality of financial accounts and enhancing transparency within the program to improve the government accounting system and accounting audit standards.
In a brief responce, write about this transformation and the difficulties that government agencies may face in implementing such a huge accounting transformation.
