SOCPA Comments on the Exposure Draft of the IFRS for SMEs Accounting Standard
The International Accounting Standards Board (IASB) published the third edition of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) accounting standard to seek opinions on it. SOCPA, represented by the Accounting Standards Council, shared comments on the exposure draft and the updates that the International Accounting Standards Board (IASB) intends to introduce to the standard in order for its requirements to be in line with the requirements of the International Financial Reporting Standards (IFRS) in its full version, with a couple of simplifications to apply the standard in the environment of SMEs.
To reflect the local point of view on the draft standard, SOCPA, represented by the Accounting Standards Council, communicated with the interested parties, including the Council of Saudi Chambers, the General Authority for Small and Medium Enterprises, and certified accountants to inquire about their comments on the updates of the standard. SOCPA also held a workshop to discuss the views on the exposure draft and then shared the comment regarding the updates introduced to the standard. The detailed comment can be viewed by clicking
here.