SOCPA Holds a Workshop to Discuss the Project of Updating of the International Financial Reporting Standard for SMEs
On Thursday March 2 2023, Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Council, held a workshop to discuss the project of updating the International Financial Reporting Standard for Small and Medium Enterprises (SMEs) issued by the International Accounting Standards Board (IASB). The project aims to align a number of the standard requirements with the full version of international standards, especially with regard to the updates made to the International Standards since the issuance of the current version of the International Financial Reporting Standard for SMEs in 2015.
Participants in the workshop included a number of stakeholders and specialists. During the workshop, the updates that the International Board intends to make to the standard were reviewed, and a number of views on the updates were expressed. These views were reflected in SOCPA point of view to be shared with the International Boards.