Saudi Arabia taking final steps in IFRS adoption

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15 Nov 2016

Saudi Arabia has completed the fourth and final stage of the Saudi IFRS convergence project and has reached an agreement with the IFRS Foundation that allows the country to incorporate IFRSs into its legal framework in the Arabic language.

The Board of Directors of the Saudi Organization for Certified Public Accountants (SOCPA) has approved the fourth and final stage of the Saudi IFRS convergence project and has adopted the remaining standards, including IFRS 1 First-time Adoption of IFRSs. As the Board of Directors had decided that the application of the new standards should begin immediately after the completion of the transition project, the transition date of 1 January 2017 for listed companies and 1 January 2018 (with earlier application permitted) for all other entities has now been officially confirmed. Please click for the announcement on the SOCPA website (Arabic language only).

As another important step, the SOCPA has reached a licence agreement with the IFRS Foundation giving it the right to publish the official Arabic translation of IFRSs and the IFRS for SMEs for the purpose of adoption into law. An announcement on signing the agreement is available on the IASB website.

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