KPMG holds seminar on implementing IFRS for SMEs in KSA

Mohammed Tareq, head of audit, KPMG.
Updated 06 December 2017
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KPMG holds seminar on implementing IFRS for SMEs in KSA

KPMG, a leading accounting and consulting firm in the Kingdom, recently held its second seminar on the international financial reporting standards for small-and medium-sized entities (the IFRS for SMEs) at the Hyatt Regency Hotel in Riyadh, seeking to ease the transition many companies are making to the newly required accounting standards.
“Entities in the Kingdom of Saudi Arabia who do not have public accountability have an important choice to make come Jan. 1, 2018 i.e. either to adopt full IFRS or the IFRS for SMEs. The IFRS for SMEs is a simplified and slimmed-down version of the full IFRS. It removes the more complex option in certain areas, has less extensive disclosure requirements and considers the balance between the cost and benefit to preparers,” said Mohammed Tareq, head of audit, KPMG.
KPMG experts employed their extensive international experience and insight in IFRS for SMEs explaining the accounting rules pertaining to key topics such as property, plant and equipment, intangible assets other than goodwill, leases, investment property, revenues, financial instruments and employee benefits. The experts were able to make important comparisons between the IFRS for SMEs and the generally accepted accounting standards issued by the Saudi Organization for Certified Public Accountants (SOCPA).
There are a variety of questions and matters to take into consideration when contemplating the adoption of the IFRS for SMEs. These include the definition of public accountability, advantages of adopting the IFRS for SMEs and differences between SOCPA and the IFRS for SMEs. The primary purpose of the seminar was to help provide detailed insights into that process.
“As the deadline for implementing the IFRS approaches, KPMG, by organizing such seminars aims at making accounting more transparent, strengthening its leading position as a principle provider of accounting and advisory services through international expertise and a dedicated local professional team with solid insight into the Saudi market,” the firm said.


Bosch opens flagship store in Jeddah

Updated 16 February 2019
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Bosch opens flagship store in Jeddah

European home appliances brand Bosch has opened its flagship store in the Kingdom. The showroom, located in the heart of Jeddah, was recently inaugurated in the presence of Holger G. Ziegeler, the German consul general in Jeddah. 

Spread across 300 square meters of built-up area, the new Bosch store makes room for a product display ranging over 100 different appliances and models, all designed by German engineers. 

The showroom follows a two-story structure, with the ground floor dedicated to product showcases according to themes and categories. 

It hosts a welcome area, a brand heritage and innovation wall along with areas dedicated to kitchen inspiration, cooling, laundry, cooking and baking. The floor above makes room for a live cooking area and a “Perfect Kitchen” concept. 

“Our new flagship store strengthens our brand presence in the Saudi market and complements our existing network of outlets — which are currently in shop-in-shop forms,” said BSH Home Appliances CEO Tomas Alonso.

He added: “This purpose-built space will help us deliver the quality, innovation, design intelligence and efficiency that Bosch stands for. Bosch prioritizes innovation in the service of a healthy balanced life, and I look forward to people exploring the concept themselves in this beautiful new space.” 

The showroom will also showcase the strides Bosch is making toward intelligent eco-friendliness, where appliances reduce their energy and water footprints. Consumers not only give back to the environment but also save costs through reduced utility bills. 

The store, operated by Bosch Home Appliances Saudi Arabia distributor and partner Abdul Latif Jameel Electronics, also serves as a logistics hub for Bosch products across the Kingdom.

“Bosch products have proved very popular with Saudi households thanks to the brand’s association with quality, trust and excellent design. Bosch products are invented for life, with the goal of making life noticeably easier, healthier and more balanced. We are proud to be exclusive partners and distributors of Bosch in the Kingdom, and are delighted to be able to welcome customers to a new, easily accessible location,” said Hisham Hamza, CEO of Abdul Latif Jameel Electronics.

The showroom is open from 9 a.m. until 9 p.m., Saturday to Thursday.

BSH Bosch und Siemens Hausgeräte GmbH is the largest manufacturer of home appliances in Europe and one of the leading companies in the sector worldwide. 

The group was founded in 1967 as a joint venture between Robert Bosch GmbH (Stuttgart) and Siemens AG (Munich). Today, BSH operates 40 factories in 13 countries in Europe, the US, Latin America and Asia.