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Listed companies in Saudia Arabia will apply IFRSs from 2017

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06 Aug 2013

The Saudi Organization for Certified Public Accountants (SOCPA) has issued a press release announcing that listed entities in Saudi Arabia will prepare IFRS financial statements beginning 1 January 2017. Currently, all listed companies in the Kingdom of Saudi Arabia that are not banks or insurance companies must follow accounting standards generally accepted in the Kingdom of Saudi Arabia as issued by the SOCPA.

Since 2012 the SOCPA has been working on an IFRS transition project which involves converging national standards with full IFRSs. According to the press release released yesterday, the earliest date for application shall be on financial statements of listed entities prepared for financial periods starting at 1 January 2017. For other entities the earliest date for application shall be on financial statements prepared for financial periods starting at 1 January 2018.

Please click for access to the press release on the SOCPA website. More information on accounting in Saudi Arabia is available on our Saudi Arabia jurisdiction page.

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