The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Board, participated in the periodic meeting of the Islamic Finance Consultative Group (IFCG) of the International Accounting Standards Board (IASB), on November 1-2, 2022, in Kuala Lumpur, Malaysia.
The meeting agenda included a number of topics related to Islamic finance, the most important of which was the role of Islamic finance institutions in encouraging social financing and how to account for linked transactions. The attendees were briefed on a number of experiences of Islamic finance institutions in supporting sustainability programs, Takaful applications, and technology applications to facilitate access to Islamic finance for a more significant segment of society.
In the meeting, IASB officials presented to the attendees a number of the Board's activities, such as the ongoing effort to release the third edition of the IFRS for SMEs Accounting Standard, the findings of the Post-implementation Review of IFRS 9, Post-implementation Review of IFRS 15, as well a presentation on the IFRS Interpretations Committee activities.