Saudi Organization for Certified Public Accountants (SOCPA), in collaboration with the GCC Accounting and Auditing Organization (GCCAAO), organized on Wednesday, 15.05.1437 H corresponding to 24.02.2016 G at the headquarters of Saudi Standards, Metrology and Quality Organization in Riyadh, a panel discussion on (the consequences of the transformation of Saudi Arabia accounting standards to international standards). The aim of the panel is to illustrate the main requirements of international standards compared to Saudi standards, and the potential effects of the application of fair value concepts. Furthermore, attendees were provided the opportunity to share their views and suggestions, and display their inquiries with respect to the potential complications that may emerge when applying international standards.
Dr Ahmed bin Abdullah Al-meghames, SOCPA Secretary General inaugurated the panel by a speech in which he welcomed the attendees and thanked them for their participation in this significant professional event, which comes within the ongoing cooperation between SOCPA and GCCAAO , as both of them are keen to establish better accounting practices, expand and enrich the discussions and the exchange of experiences between people with interest and competence in the accounting and auditing profession.
During his speech, Dr Al-meghames urged accountants to attend the courses and events organized by SOCPA, which will make them technically and professionally prepared before the mandatory application of the international standards. Then topics began, which included the impact of the transition to international accounting standards compared to Saudi standards, through an application viewpoint; the impact of the fair value concept on the transition in the first and succeeding years; and the role of consulting firms in the transition to the international standards. The speakers in this panel were, Mr. Suleiman Ahmed Abu Tayeh, Head Of Accounting And Finance Division of the Islamic Development Bank, Dr. Mahmoud Nassar, an accounting professor at the University of Applied Sciences in Jordan, and Mr. Ehsan Amanullah Makhdoom –CPA. The panel was concluded by a discussion session in which Dr. Abdulrahman bin Mohammed Al-resin, SOCPA Assistant Secretary General for standards, participated with speakers. The panel was moderated by Dr. Nasser Al-Gaoad, GCCAAO chief executive.
The panel witnessed a good presence of competent persons who interacted with the presentations of the speakers. At the end of the panel, Dr. Mohammed bin Suleiman Al-Aqeel, SOCPA Assistant Secretary-General for membership and professional development, presented commemorative shields to the speakers and thanked them on behalf of the audience for the constructive ideas and visions presented during the panel.