SOCPA Participates in IASB's Emerging Economies Group Meeting

SOCPA, represented by its Accounting Standards Council, participated in the periodic meeting of the International Accounting Standards Board's (IASB) Emerging Economies Group, held in China from May 28-29, 2024. SOCPA was represented at the meeting by Accounting Standards Council members Mr. Abdulrahman Al-Aqeel and Mr. Ali Al-Basri who attended in person, while Dr. Abdulrahman Al-Razeen, Executive Director of Professional Standards, participated virtually. The meeting discussed several IASB projects, including the Climate-related Uncertainties and Other Matters in Financial Statements project, which aims to add supplementary examples to existing standards to highlight applicable environmental considerations.

 

The meeting also addressed the Power Purchase Agreements project, which deals with agreements for purchasing wind-generated energy and solar power plants where output quantities are variable. Among other topics discussed were the proposed amendments to International Accounting Standard (IAS) 37, International Financial Reporting Standard (IFRS) 3 regarding business combination disclosures, and IAS 36 concerning goodwill impairment measurement.  The meeting also covered several amendments to financial instruments classification and measurement. Additionally, participating countries shared their experiences in implementing international standards.

The papers presented during the meeting can be accessed here.