SOCPA, represented by the Accounting Standards Board, has approved an amendment to the Presentation and Disclosure Standard for Financial Statements of Non-Profit Organizations. This approval follows the established SOCPA procedures for updating standards, which included conducting a survey of local realities, international best practices, and the perspectives of interested and specialized parties. Workshops were held with relevant entities, specifically the General Authority for Awqaf and the National Center for Non-Profit Sector Development, with the participation of stakeholders to discuss the draft amendment.
The amendment aims to:
Develop and align the presentation and disclosure requirements for financial statements of non-profit organizations with international financial reporting standards.
Enhance the presentation and disclosure requirements for changes in the different categories of net assets for non-profit organizations.
Improve disclosures regarding the resources and activities of non-profit organizations, particularly endowments (Awqaf).
Improve the disclosure of non-financial information to meet the needs of users of financial statements of non-profit organizations.
For more information on this amendment, click here.