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Discussion forum on the convergence of Saudi accounting standards to IFRSs

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17 Feb 2014

In December 2013, the Saudi Organization for Certified Public Accountants (SOCPA) in collaboration with the U.K. Association of Chartered Certified Accountants (ACCA) organised a forum titled "The convergence of Saudi accounting standards to IFRSs". A recording of the discussions has recently been made available.

Since 2012, the SOCPA has been working on an IFRS transition project which involves converging national standards with full IFRSs. As reported in August 2013, the listed entities are expected to prepare IFRS financial statements for financial periods starting at 1 January 2017, other entities for financial periods starting at 1 January 2018.

The discussion forum featured an update on the convergence project, a presentation on the key differences between Saudi Accounting standards and IFRSs and the challenges of conversion, and a panel discussion about the impact of convergence of Saudi Accounting Standards to IFRSs. The update on the SOCPA project is in Arabic (~ minutes 15 to 45 of the recording) but the presentation on the challenges and the panel discussion were held in English (~ from minute 45). The recording is available on the SOCPA website.

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