Finance Ministry Concludes Participation in IFAC Connect MENA
The Ministry of Finance concluded its participation in the International Federation of Accountants (IFAC) Connect MENA 2025, hosted in Riyadh from September 30 to October 2. The event brought together a wide range of professional bodies, services firms, standard setters, regulators, the business community, and investors from around the world to enhance the quality of corporate reporting in support of decision-making, strengthening governance and business practices, and enabling better responses to risks and opportunities.
The ministry was represented at the conference by Head of the Accrual Accounting Center Abdullah Al-Mehthil, who took part in several sessions on the sidelines of the conference. His participation began with the Saudi roundtable, held to exchange perspectives and identify the type of support needed by regulatory bodies in the Kingdom of Saudi Arabia, as well as to discuss areas where IFAC and standard setters can provide targeted assistance, in addition to exploring how partnerships can be structured to enhance institutional capacity and strengthen oversight.
Al-Mehthil also participated in the session “From Vision to Implementation,” which highlighted the key findings of IFAC’s report on the Middle East and North Africa region, and discussed ways to translate visions and recommendations into practical solutions that would accelerate the adoption of international standards and strengthen opportunities for regional cooperation.
In addition, Al-Mehthil led the MENA roundtable, attended by a number of experts from regulatory and professional bodies. The discussion focused on regional priorities within future work programs, approaches for recognizing, defining, and measuring digital assets in the public sector, as well as the importance of translating sustainability guidance into Arabic and providing the necessary support for its implementation.
He concluded his participation in the session “The Impact of Major Transformations on the Future of the Accounting Profession,” which addressed the importance of moving from traditional accounting methods toward modern approaches driven by artificial intelligence and advanced analytics, and their role in infrastructure and knowledge. The session also explored the future of the accounting profession amid transformations related to sustainability and AI, highlighting the key challenges and opportunities to enhance the reliability of financial reporting, while underscoring the Kingdom’s pioneering role in supporting alignment with international standards and consolidating its position as a regional leader in advancing the accounting profession.
The Ministry of Finance emphasized that its participation in the conference reflects the Kingdom’s commitment to promoting financial transparency and governance, adopting global best practices, and supporting national capacity-building in the financial sector. These efforts contribute to achieving the goals of Saudi Vision 2030 and reinforce the Kingdom’s role in driving professional development at both the regional and international levels.
The IFAC Connect MENA 2025 was organized to shed light on the latest global and regional developments in the accounting profession and business sector, discuss the challenges of keeping pace with international advancements in accounting and auditing, and foster continued collaboration among IFAC member bodies, as well as the financial, accounting, business, and policymaking communities.
