IFAC Supports Saudi Initiative to Launch Accounting Knowledge Center in Riyadh

IFAC Supports Saudi Initiative to Launch Accounting Knowledge Center in Riyadh

The International Federation of Accountants (IFAC) has announced its support for the Saudi Organization for Chartered and Professional Accountants (SOCPA) in launching the Accounting Knowledge Center in Riyadh. The center aims to become a hub for spreading knowledge and promoting transparency and good governance at both the regional and international levels.

The center is designed to support the knowledge economy by providing a platform for sharing expertise, publishing research, and developing professional skills. It seeks to turn accounting knowledge into an economic driver that strengthens Saudi Arabia’s competitiveness and helps build a professional community based on innovation, transparency, and sustainability.

The announcement was made during the second day of the IFAC Connect Forum, hosted by SOCPA in Riyadh. The forum featured two main sessions with more than 160 experts from professional, regulatory, academic, and government bodies, who discussed the future of the profession and priorities for adopting international standards.

The day began with a workshop attended by over 80 participants from professional, regulatory, and academic organizations across the Middle East and North Africa. The discussions focused on the expanding role of professional bodies in developing the profession. SOCPA CEO Dr. Ahmed Almeghames opened the workshop with welcoming remarks, followed by dialogue sessions that highlighted the importance of professional organizations as trusted partners in advancing national priorities. The sessions also introduced IFAC’s “Value Proposition Framework” as a practical tool to showcase their impact on society and the profession.

In parallel, the International Public Sector Accounting Standards Board (IPSASB) held a roundtable with around 80 experts from regulatory, professional, and government bodies. Participants reviewed the board’s consultation program, discussed suggested regional priorities, and explored updates on projects related to climate disclosures, natural resources, and financial reporting.

The day closed with a call to enhance collaboration with IFAC and global standard-setting boards to further support the development of professional organizations and accountants across the Middle East and North Africa