SOCPA Participates in the Regular Meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum in China
Saudi Organization for Chartered and Professional Accountants (SOCPA) participated in the fifth regular meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum in China that was held in Xiamen City on July 25, 2023. The meeting was intended to exchange views on the participants experiences related to the application of the International Standards and comments on new topics in the profession. During the meeting, the current experience of Cambodia in converting to the International Standards, and the experience of China in adopting the International Standards were reviewed. Further, the meeting discussed issues of materiality when applying financial reporting standards. It also discussed the International Accounting Standards Board draft on climate issues in financial statements, and the draft connection with international sustainability standards. In addition, the developments of sustainability standards and prospects for their implementation were discussed.