SOCPA Participates in the Meeting of the Islamic Finance Consultative Group of the International Acc

SOCPA Participates in the Meeting of the Islamic Finance Consultative Group of the International Accounting Standards Board

Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Council, participated in the periodic meeting of the Islamic Finance Consultative Group of the International Accounting Standards Board (IASB), which was held via video conference on May 31, 2023. Mr. Ahmed Al-Shniber, a Board Member of the Accounting Standards Council, represented SOCPA in the meeting and presented a paper on accounting for the profit equalization reserve that some financing institutions use in accounting for some Islamic financing products. In his paper, Mr. Al-Shniber explained the extent of the discrepancy in the accounting process, which requires the International Accounting Standards Board's consideration.