Transition to International Financial Reporting Standards

​In 2012, the Saudi Organization for Certified Public Accountants (“SOCPA”) Board approved transformation plan to IFRS and International Auditing Standards. Adoption of the plan came at the recommendation of a steering committee formed by the Board of SOCPA for this purpose. The steering committee includes all of:

  • The Secretary General of SOCPA.
  • The Chairman of the SOCPA accounting standards committee and the Chairman of the SOCPA auditing standards committee and their Vice Chairmen.
  • Representatives from the Ministry of Finance, the Capital Market Authority, the Saudi Arabian Monetary Agency.

This resulted in the decision to adopt the IFRS for listed companies on the Saudi Stock Exchange starting from 01/01/2017, and other companies in the 01/01/2018, and the application of International Auditing Standards starting from 01/01/2017.

SOCPA publications related to the transition to  IFRS.

Circulars of the Capital Market Authority regarding the transition to IFRS and endorsed in Saudi Arabia:

The Capital Market Authority has issued circulars to listed companies on the transition to IFRS and disclosures related thereto:

Available in Arabic
 
Related Announcements and Press Releases:

Important Links: