The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Board, hosted IASB's Emerging Economies Group (EEG) meeting on December 5-6, 2022.
The meeting revolved around discussing accounting standards from the point of view of emerging economies to establish accounting standards that boost the level of transparency, accountability, and effectiveness of financial markets.
The group also discussed the proposed amendments to the IFRS for SMEs Accounting Standard and other topics of international interest, such as Hyperinflation, Cryptocurrency, and Business combinations under common control.
The group was also updated during the meeting on IASB and IFRS Interpretations Committee activities.
It is worth mentioning that this is the second time SOCPA has hosted this important advisory group. The first occasion was when SOCPA hosted the group in the second half of 2015. SOCPA has been a member of the group since its establishment in 2011.
Dr. Ahmed bin Abdullah Al-mughams, CEO of the SOCPA, said that the meeting is part of SOCPA's efforts to bolster its international presence and contribute to hosting meetings that positively impact the profession locally and internationally.
He also added that the meeting sought to present and discuss views on the application of international accounting standards and their developments and to provide counsel to IASB on topics of common interest to the countries of the group.
The SOCPA CEO also stressed the eagerness of his organization to actively participate in such international meetings by providing its point of view concerning IASB drafts and the accounting profession in General, adding that SCOPA is a leading organization on both the regional and the international fronts.
The Emerging Economies Group holds its meetings semi-annually, with the participation of SOCPA and IASB and other relevant international organizations from Argentina, Brazil, China, India, Indonesia, South Korea, Malaysia, Mexico, Russia, South Africa, and Turkey.