SOCPA Participates in the First Mid-Term Meeting of 2022 for the Emerging Economies Group

SOCPA Participates in the First Mid-Term Meeting of 2022 for the Emerging Economies Group

SOCPA Participates in the First Mid-Term Meeting of 2022 for the IFRS' Emerging Economies Group
SOPCA, represented by its Accounting Standards Council, participated in the first mid-term meeting of 2022 for the IFRS's Emerging Economies Group (EEG) of G20 countries which took place on 16-17 May 2022. SOCPA was represented in this meeting by two members of the Accounting Standards Council, Mr. Ali bin Hassan Al-Basri, and Mr. Abdulaziz bin Saad Al-Hussan. 
The meeting focused on a number of subjects related to the IFRS and the International Sustainability Standards Board (ISSB), and discussed two projects of sustainability standards that aim to provide entities with information that serves the main beneficiaries of financial statements on sustainability in general, and on climate in particular. 
The members also discussed the proposed requirements in those projects, especially with regard to the time frame for the application of the proposed standards, the challenges that may face preparers of financial reports in the member states, and the ability to meet the requirements of the standards in various economic sectors. They also discussed the need for each country to adopt a specific approach to implement the requirements of the proposed standards.
The meeting also discussed SOCPA's offer to host the next EEG meeting which is expected to take place in November, the group accepted SOCPA's offer and thanked it for its invitation.

You can view the meeting's agendas by clicking here