Saudi Arabia

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)

A History of the Accounting and Auditing Profession in Saudi Arabia is available in English on the SOCPA website.

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