SOCPA participated in The World Standard-setters Conference which was held virtually on 27–28 September 2021, and was represented by Dr. Ahmed Almeghames, CEO of SOCPA, and Mr. Mr. Fahad Al-Taimi, Chairman of the Accounting Standards Committee at SOCPA.
The conference represented a unique opportunity to listen and exchange opinions and views directly from IASB members on the latest standards and their relevant interpretations.
It is also considered an open forum 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.
Some of the of highlights of this year's conference included discussing IASB's decision of establishing a new board for Sustainability Standards, discussing the interaction and responses of stakeholders with the board in light of the corona pandemic, and the board's five-year plan.
The conference also included discussions in subgroups about existing projects, including the Disclosure Project for non-publicly accountable subsidiaries, the review of IFRS 9, the review of how disclosure requirements are written in the standards, and the draft contents of the Board report.