Saudi Arabia Recognized as the Only Middle East Country to Fully Adopt International Standard
Riyadh, Saudi Arabia – The International Federation of Accountants (IFAC) announced that Saudi Arabia is the only country in the Middle East to have fully adopted international standards in accounting, auditing, and ethics. Saudi Arabia also stands among a select group of countries worldwide that meet all membership requirements.
The announcement came during the opening day of the IFAC Connect Forum, hosted for the first time in Riyadh by the Saudi Organization for Chartered and Professional Accountants (SOCPA), with broad participation from professional bodies and regulatory authorities across the Middle East and North Africa.
In his opening remarks, Dr. Ahmad Almeghames, CEO of SOCPA, emphasized that this achievement was made possible through the support of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, along with the collective efforts of national institutions and the deep belief that the profession is a pillar of transparency, governance, and sustainable development, and serves as a key driver of Saudi Arabia’s Vision 2030.
Dr. Almeghames added: “Today, we gather at this global forum, hosted for the first time in Riyadh under the theme ‘Leading Transformation and Innovation: Global Priorities, Regional Solutions.’ It is expected to deliver outcomes that will benefit the accounting sector locally, regionally, and globally.”
He noted that the forum provides an unprecedented opportunity to bring together IFAC, international standard-setting boards, regulators, and professional organizations from around the world. The platform enables direct discussion of challenges and proposals, paving the way for cooperation that enhances the value the profession delivers to all stakeholders.
The forum first day started with a meeting that brought together government entities, with the participation of more than 60 senior officials, to discuss developments in international standards, challenges in implementation, and ways to strengthen collaboration with IFAC to achieve effective implementation in support of digital transformation, governance, and sustainability.
Another meeting convened more than 80 experts from regional professional and regulatory bodies to discuss IFAC’s role in supporting professional organizations and promoting the adoption of international standards. The session also featured IFAC’s dedicated report on the Middle East and North Africa, which addressed the main challenges facing the profession and highlighted opportunities for enhanced regional cooperation