SOCPA Participates in IASB’s Emerging Economies Group Meeting
SOCPA participated in the biannual meeting of IASB’s Emerging Economies Group, discussing accounting standards from the point of view of emerging economies with aim to establish accounting standards that increase the level of transparency, accountability, and effectiveness of financial markets. The meeting was held virtually from 30 November – 1 December 2020.
A number of topics were discussed in the meetings, including:
Disclosure Initiative—Accounting Policies
Disclosure Initiative—Subsidiaries that are SMEs
Impact of Covid-19 on applying IFRS Standards
Lack of exchangeability—amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
Draft Paper on Business Combinations, Disclosures, Goodwill and Impairment and whether it is best to resume examination thereof to assess amortization and introducing additional requirements.
Post-implementation Review of IFRS 10, 11, and 12
SOCPA represented by Assistant to Secretary-General of Standards Abdulrahman Mohammed Al Razeen. The meeting was held virtually due to impact of Covid-19, usually held biannually and hosted alternately by member countries. SOCPA hosted this meeting in 2015. The meeting will be hosted again by SOCPA according to the arrangement reached by the group members after the end of the pandemic.