SOCPA Makes Several Amendments to the Liquidation Basis Financial Reporting Standard

SOCPA Makes Several Amendments to the Liquidation Basis Financial Reporting Standard

Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Board, has made a number of amendments to the Liquidation Basis Financial Reporting Standard: Principles and Requirements for Recognition, Measurement, Presentation and Disclosure." These amendments were based on a survey conducted by SOCPA of the users opinion of the standard more than a year after its issuance.Among the most important amendments to the standard is a number of paragraphs that support the development of the standard as an independent framework for financial reporting, and not as a complement to the approved international standards. The paragraphs related to determining the periods to which the standard applies, and how to apply the standard when complete information is not available at the beginning of the application year, have been reformulated.
You can view the standard after amendment, and the changes made to the standard by clicking here.