SOCPA Participates in the Emerging Economies Group Meeting of the International Accounting Standards Board in South Africa
The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Board, participated in the periodic meeting of the Emerging Economies Group of the International Accounting Standards Board (IASB), held from October 30-31, 2023, in South Africa. SOCPA was represented at the meeting by Board members Mr. Ali Al-Basri and Dr. Wafa Al-Nasrallah. The meeting discussed several IASB projects, including the Primary Financial Statements project, which aims to replace IAS 1 and IAS 7 upon its issuance.
The meeting also covered the project on Subsidiaries without Public Accountability, which provides simplified disclosures for these entities in their financial statements. Additionally, the Equity Method project was discussed, addressing the practical challenges and tentative decisions related to IAS 28. Other topics included the project on Business Combinations under Common Control and the experiences of different countries in applying these international standards.
For more details, you can view the working papers presented during the meeting by clicking here.