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.


Huawei honored for CSR initiatives

King Salman with Charles Yang, president of Huawei Middle East.
Updated 18 November 2018
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Huawei honored for CSR initiatives

Huawei, a global provider of ICT infrastructure and smart devices, has won first prize of the King Khalid Responsible Competitiveness Award. This announcement was made during the annual awards gala, which took place on Nov. 12 at Al-Faisaliah Hotel in Riyadh. During the event, King Salman recognized Huawei for its excellent sustainability practices and responsible competitiveness leadership, as well as its management capabilities and innovative social and environmental initiatives. 

Launched in 2008, the King Khalid Responsible Competitiveness Award is the first and only award focused on responsible competitiveness and corporate social responsibility (CSR) in the Kingdom, and Huawei is the first ICT company to win first place in the award’s history. 

As digital transformation sweeps across the globe, ICT technologies like artificial intelligence (AI), Internet of Things (IoT), 5G, cloud computing and
more will unlock new values of growth and innovation and uplift societies and organizations to great heights of prosperity. 

The award recognized Huawei for its transformative impact in driving forward the Kingdom’s ICT sector as a whole in line with the government’s digitization goals, the National Transformation Program and Vision 2030. In particular, Huawei was celebrated for deploying their most advanced technologies, high-quality products and secured networks in the Kingdom.

Charles Yang, president of Huawei Middle East, said: “We are deeply humbled to receive such recognition from Saudi Arabia’s leadership. In the Kingdom, Huawei is determined to bring digital to every person, home and organization for a fully connected, intelligent world. The improvement is endless on the road to providing customers with high-quality products and services. Today’s award is a milestone for us to continue to surpass ourselves. We will continue to play an active role in driving Saudi Arabia’s ICT sector development and grow together with our local partners, openly collaborating to build an ever deeper pool of ICT talent empowered to enable digital transformation.”