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IFRS Foundation appoints Trustee from Saudi Arabia

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Mar 21, 2013

The IFRS Foundation has announced the appointment of Dr. Abdulrahman Al-Humaid as a Trustee of the IFRS Foundation. He is the first Trustee from the Middle East region.

Dr. Al-Humaid chairs the Committee for Adopting International Accounting Standards of the Saudi Organization of Certified Public Accountants (SOCPA). He was Chairman of the SOCPA's Accounting Standards Committee from 1996 until 2002.

Saudi Arabia requires IFRSs for banking and insurance companies and is considering full convergence. 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." In addition, 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.

Dr. Al-Humaid’s appointment begins with immediate effect. His term will expire on December 31, 2015, and can be renewed once for a further three-year period.

Click here for the IFRS Foundation press release on the IASB's Web site.

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