- National Professional Accountancy Organisation Website: Saudi Organization for Certified Public Accountants
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
Financial Reporting Framework in Saudi Arabia
The banking and insurance regulator requires all Saudi Arabian banks and insurance companies whose shares are listed on the Saudi Stock Exchange to publish financial statements in conformity with IFRSs.
All other listed companies in the Kingdom of Saudi Arabia, as well as unlisted companies, must follow accounting standards generally accepted in the Kingdom of Saudi Arabia as issued by the Saudi Organization for Certified Public Accountants (SOCPA). The SOCPA was created by Royal Decree in 1992. It operates under the supervision of the Ministry of Commerce. Its objectives include:
- Review, develop, and approve accounting standards (SOCPA does this thorugh its Accounting Standards Committee)
- Review, develop, and approve auditing standards (SOCPA does this through its Auditing Standards Committee)
The SOCPA has approved an IFRS transition plan that will require listed entities to report using the "national standards that are closely converged with full IFRSs." Additionally, unlisted entities will be required to report under IFRS for SMEs as adopted in Saudi Arabia. A specific date for the IFRS transition plan has not yet been established. Details on the transition plan are available on the SOCPA website (English follows Arabic, please scroll down).
A History of the Accounting and Auditing Profession in Saudi Arabia is available in English on the SOCPA website.