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.


Mastercard: Smart cities key to a more connected MEA

Mastercard was a sponsoring patron at the recent World Cities Summit in Singapore.
Updated 23 July 2018
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Mastercard: Smart cities key to a more connected MEA

Mastercard, a leading technology company in the global payments industry, continues to champion the fundamental role of smart cities in enabling a more connected and inclusive future for the Middle East and Africa (MEA). The company reaffirmed its commitment to supporting the development of smart cities through meaningful partnerships with both the public and private sectors at the recent World Cities Summit in Singapore, where Mastercard was a sponsoring patron.
Markets across the region are already heavily investing in the future of cities, with figures from the International Data Corporation forecasting that spending on technologies that enable smart city initiatives will reach $1.26 billion in MEA in 2018.
Commending the exceptional efforts of regional governments in implementing smart city initiatives and creating more opportunities for their cities’ transformation into vibrant hubs for innovation, Mastercard experts at the summit shed light on the significance of a “public-private-people (3P)” model and data analytics as key enablers of the technologies that will open doors to the cities of the future.
“An inclusive future for all is a shared responsibility and we believe that effective collaborations hinged on a dynamic public-private-people model is the way forward if we want to unlock the full potential of our cities. Mastercard is focused on making cities more efficient and inclusive by enabling ecosystems that benefit residents, visitors and local businesses. The key to the success of these cities is partnerships, and we will continue to engage with governments, NGOs and leaders in innovation to enable a smarter and more connected future for all,” said J.K. Khalil, cluster head, Saudi Arabia and Bahrain, Mastercard.
As part of its participation at the summit, Mastercard welcomed a delegation of the region’s most prominent journalists and influencers, where it facilitated in-depth discussions with industry experts and showcased the latest technologies to demonstrate and build advocacy for smart and connected cities.
With two billion adults around the world still lacking access to financial services, Mastercard is helping advance inclusive communities globally through its collaborations. The company has partnered with over 60 governments globally to deliver more than 1,600 scalable programs in various cities and communities around the world.