In partnership with SOCPA, PwC organized International Financial Reporting Standards (IFRS) seminars in Riyadh and Jeddah to provide an overview of major technical requirements of the standards.

Abdelrahman Al-Razeen, assistant secretary general, accounting standards at SOCPA worked closely with PwC to deliver seminars to professionals across the Kingdom.

The main objective of the seminars was to provide an understanding of the IFRS regulatory environment and format, and included a demonstration of practical applications in the Kingdom and the requirements to comply.

Al-Razeen participated in a panel discussion with PwC representatives in Riyadh highlighting the importance of adopting the standards.

Meanwhile, other SOCPA representatives in Jeddah presented the Saudi accounting standards framework in comparison with the IFRS framework. Other speakers included experienced faculty from PwC’s Academy.

Over 120 countries now require or permit the use of IFRS, claimed to be the world’s most widely applied accounting standards.

With several others following the lead, PwC hosted seminars that helped attendees with minimal knowledge on the subject gain an excellent foundation in IFRS by way of illustrative examples and high-level coverage of the most significant elements regarding IFRS.

From the basics of IFRS to adopting IFRS in Saudi Arabia as well as the technical aspects related to its implementation, the seminar is stated to have covered it all.

The Saudi Arabian Monetary Authority (SAMA) already requires banks and insurance companies in Saudi Arabia to report under IFRS. SOCPA standards apply to all companies (listed and unlisted), and other entities irrespective of their size are required to use local GAAP as issued by SOCPA.

SOCPA has approved an IFRS transformation plan by which listed entities would be required to report under IFRS standards with some modifications.