SOCPA and the Ministry of Finance sign an agreement on Transformation to Accrual Basis - SOCPA

SOCPA and the Ministry of Finance represented by the ministry's Accrual Accounting Center signed an agreement regarding the transformation project from cash to accrual basis. The project aims to improve the quality of accounts and financial reports, enhance transparency and accountability, and support decision makers by making an inventory of all government entities' assets and obligations, making it easier to identify the entities’ financial position separately from the financial position of the state. The project will also enable stakeholders to compare the results of financial performance and enhance the Kingdom's credit rating.
Through this agreement, SOCPA and the Accrual Accounting Center will work together on training target groups from the public sector and qualify them to support the transformation plans of government entities from cash to accrual basis by measuring the knowledge level of the target groups and providing them with detailed reports that will help them develop their knowledge. The agreement also involves holding workshops for leaderships to familiarize them with the training plan set for their employees. In addition, SOCPA will issue training kits related to the most important subjects of accrual basis and will digitize these kits and make them compatible with the ministry’s training platforms. SOCPA will also hold a number of interactive courses that will contribute to knowledge sharing between the various employees in financial departments of government entities.  
The CEO of SOCPA, Dr. Ahmed bin Abdullah Al-mughames, expressed his hope that the efforts exerted by both parties will be successful, stressing that SOCPA has worked to sustain cooperation and continue its work to ensure the success of the transformation project, given its great importance in raising the efficiency of the accounting staff in preparing financial statements on the basis of accounting accrual, which enhances the Kingdom's position on many relevant global indicators.
Dr. Al-mughames pointed out that choosing SOCPA for this project was based on its experience and professionalism in the field and for its adoption of the best standards, confirming that SOCPA will appoint for this task an elite groupe of specialists and trainers who have experience in international standards of accounting in the public sector.
It is worth mentioning that SOCPA has provided many services related to the development and upgrading of the profession of accounting and auditing and raising the level of performance and efficiency of all government and private entities through the application of accounting methodologies based on international standards.