SOCPA approves IFRS transition plan
28 Feb 2013
The Saudi Organization for Certified Public Accountants (SOCPA) has approved an IFRS transition plan. The plan involves converging their national standards with full IFRSs and have all non-publicly accountable entities be required to report under the IFRS for SMEs.
Currently, all banks and insurance companies listed on the Saudi Stock Exchange must use IFRSs. All other listed entities in the Kingdom of Saudi Arabia, as well as unlisted entities, must follow accounting standards generally accepted in the Kingdom of Saudi Arabia as issued by the SOCPA. Under the transition plan, listed entities will 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.
Details on the transition plan are available on the SOCPA website.
