As part of its implementation procedures for adopting International Financial Reporting Standards in Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA), through its Accounting Standards Board, held a roundtable meeting on December 4, 2024. The meeting included representatives from the International Accounting Standards Board to discuss requirements of IFRS 18 "Presentation and Disclosures in Financial Statements" and IFRS 19 "Subsidiaries without Public Accountability: Disclosures," with participation from specialists and relevant regulatory bodies.
All SOCPA’s full members were invited to attend the meeting.
IASB consultants delivered a detailed presentation in Arabic covering both standards. Participants provided their views on the standards' requirements and received answers to their inquiries.
SOCPA had previously published the standards' translations on its website along with the Accounting Standards Board's preliminary adoption recommendation, seeking feedback from specialists and communicating directly with regulatory authorities regarding their views on both standards.
The Accounting Standards Board will complete the standards' adoption procedures in the near future.
For more you can read the presentation files:
- IFRS 18 (click here)
- IFRS 19 (click here)