Adoption of IFRS in Saudi Arabia

IFRS Conversion GGI
Adoption of IFRS in Saudi Arabia

As of March 31, 2015 and thereafter; financial service companies including insurance companies regulated under Saudi Arabian Monterey Agency has to prepare their financial statements in accordance with International Financial Reporting standards "IFRS". Likewise, the SOCPA has also enforced the Compliance of IFRS starting from 2017 for publically listed companies, however early adoption of IFRS is highly recommended for the following reasons:

• Make the necessary system and reporting amendments.
• Train staff to operate under IFRS environment.
• Spread IFRS knowledge among interested parties and shareholders.
• Define major impact on financial reporting upon IFRS adoption.
• Establish a new Zakat and Tax planning due the adoption of IFRS.
• Avoid any complication in applying IFRS to interim and annual financial statements.
• Set out the comparative figures ready use on 2017 for publically listed companies.

 

The conversion to IFRS will impact your business reporting, Tax planning, internal controls, treasury, IT system and other functions within an entity. Our structured approach is stemmed from our broad knowledge gained from our highly caliber team experience, IFRS application across our major financial and non-financial clients and our international access to specific sources through our GGI network.

 

We work closely with our clients and follow a project structure, which we is specifically designed to individual needs. Strong teamwork, solution driven advice and ready access to technical experts locally and internationally are the core of our approach.

 

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