The Ministry of Health announced the launch of a project to shift from applying cash-based accounting to accrual-based accounting.
The launch of the project, which took place at the Ministry’s headquarters in the Digital City yesterday (Wednesday), came after the success of the pilot phase, which was worked on after the issuance of the Royal Decree approving a project to transform all government agencies from applying the cash basis to the accrual basis of accounting.
The Ministry of Health is one of the first government agencies to start working on the project, which is based on working in accordance with international accounting standards in the public sector and building the country’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.