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.


Emaar marks Saudi National Day with offers

Burj Khalifa will feature the Saudi national flag on its LED screen to celebrate the Kingdom’s National Day
Updated 19 September 2018
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Emaar marks Saudi National Day with offers

Emaar is celebrating the Saudi National Day from Sept. 20-23 with an assortment of activities and offers for Saudi visitors and UAE residents. 

The highlights of the activities include Burj Khalifa featuring the Saudi national flag on its LED screen, the world’s largest-of-its-kind, while the Dubai Fountain will come to life with specially choreographed displays. The shows will be held at 8.10 p.m., 9.10 p.m. and 10.10 p.m. in addition to the regular displays. Residents of Saudi Arabia also enjoy a host of offers to play, stay and shop at Downtown Dubai.

Complementing the leisure activities, visitors can also look forward to attractive offers at the hotels under Emaar.

To mark this special occasion, The Dubai Mall has created a Saudi National Day Offer Booklet exclusively for Saudi nationals, which includes a range of dining deals and shopping offers. Distributed at guest services desks, Saudi nationals can collect this booklet by simply showing their national ID. In addition, branded memorabilia and light hospitality will be offered to Saudi guests. 

A traditional Saudi band will entertains guests in Souk Atrium of The Dubai Mall.