SOCPA Accounting Standards Board Removes Additional Requirement for Appointing an Independent Qualif

SOCPA Accounting Standards Board Removes Additional Requirement for Appointing an Independent Qualified Valuer

The Accounting Standards Board at the Saudi Organization for Chartered and Professional Accountants (SOCPA) has reviewed the previously added requirement mandating the appointment of an independent qualified valuer when applying the revaluation model for property, plant, and equipment or the fair value model for investment property under full International Financial Reporting Standards (IFRS), as well as the corresponding requirement under the IFRS for Small and Medium-Sized Entities. This requirement was introduced when IFRS was first adopted in Saudi Arabia at the beginning of 2017.
Taking into consideration the circumstances under which this requirement was originally added, and in alignment with international standards and global practice, the Board decided—during its meeting held on 29-03-1447 AH (corresponding to 21-09-2025) to remove this additional requirement, effective immediately from the date of issuance.
Accordingly, the IFRS adoption document in Saudi Arabia has been updated to reflect this decision and its impact on the relevant standards.
To view the updated version of the IFRS adoption document applicable in Saudi Arabia, please click here.