This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS Foundation appoints Trustee from Saudi Arabia

  • IFRS Foundation (blue) Image

21 Mar 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." 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.

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

Please click for the IFRS Foundation press release on the IASB website.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.