SOCPA participated in the annual World Standard-setters Conference organized by IASB, held virtually on 28-29 September 2020. SOCPA was represented by the Chairman of the Accounting Standards Committee Fahad bin Mohammed Al Taimi.
This conference represents a unique opportunity to exchange feedback between IASB members on the latest standards and interpretations thereof. A platform where standard-setters can communicate with each other and discuss relevant issues impacting the development of the standards, where experiences of participating countries are discussed and shared. It also explores the manner in which IASB can provide the necessary support in the application of standards.
The conference explored the application of IFRS during Covid-19, as well as a number of IASB's projects, most notably developments on core financial statements and other disclosure initiatives. Moreover, the event provided a number of interactive workshops addressing the latest developments on certain projects, identifying challenges that may arise during the application phase and discussing them with members and technical staff.