The team of the project of transition to accrual accounting was recognized by Dr. Fahad bin Abdullah Al-Dossari, President of the General Authority for Statistics, for meeting the project's requirements and completing its main phases. This helped GASTAT to transit to the accrual accounting principles and be involved in the release of the first national unified financial center.
It is worth mentioning that the transition to accrual accounting and the adoption of international accounting standards in the public sector are initiatives stemming from the National Transformation Program, which is adopted by the Ministry of Finance through its agency for financial and accounting affairs. The project will help provide complete, accurate, and timely information about the financial center, and results of the entities’ activities and cash flows. It will also enhance supervision over revenues, expenses, assets, and liabilities, as well as develop financial departments in government entities and support decision-making processes.