SOCPA Organizes a Workshop on IFRS S1 & S2 Drafts

SOCPA, in cooperation with the Ministry of Finance, held in its headquarters on the 5th of October a workshop on International Sustainability Standards (ISS). Many government agencies participated in the workshop, namely the Ministry of Finance, Ministry of Environment Water & Agriculture, Ministry of Investment, Saudi Central Bank, Capital Market Authority, and representatives from accounting firms.

The workshop started with a speech by his excellency the CEO of SOCPA, Dr. Ahmed Al-Maghamis, in which he thanked the attendees for coming and welcomed them to the workshop, and emphasized SOCPA's goal by holding this workshop to raise awareness of the latest development of IASB and enrich discussion around ISS.

For his part, Dr. Richard Parker from the International Sustainability Standards Board (ISSB) gave an introductory presentation on ISSB, established in November 2021. Then, during the workshop, he talked about the two sustainability drafts (IFRS S1 & S2), which seek to provide a comprehensive global baseline for sustainability-related disclosure standards. The drafts aim to give investors and other shareholders in the capital market information about the risks and opportunities related to sustainability for companies to help them make informed decisions. 

Then the two exposure drafts (IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information) and (IFRS S2 Climate-related Disclosures) were presented and viewed in the workshop.

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