IFRS Implementation in Saudi Arabia, Jeddah, Riyadh, Dammam, Jubail, Khobar, Makkah
IFRS adoption in Kingdom of Saudi Arabia
IFRS Implementation in Saudi Arabia is a reality now that enabled Saudi Arabia to attract new direct foreign investment. Saudi Arabian Companies are implementing IFRS (International Financial Reporting Standards)
IASB is now going fot the objective of one Globe, One IFRS. Adding countries and making them platform and magnet to foreign investment.
Following are the dates of effective IFRS Implementation in Saudi Arabia.
Listed Companies
- KSA IFRS Transition Date: 01 January 2016 and comparative information date is 31 December 2016.
- KSA IFRS Reporting Date: 31 December 2017
Unlisted Companies
- KSA IFRS Transition Date: 01 January 2017 and comparative information date is 31 December 2017
- KSA IFRS Reporting Date: 31 December 2018
IFRS Implementation in Saudi Arabia, Jeddah, Riyadh, Dammam, Jubail, Khobar, Makkah
Saudi Arabia is one of the 130+ countries to successfully adopt/ Implement IFRS. As the application of International Financial Reporting Standards (IFRS) in Saudi Arabia is newborn so companies are facing problems in Adoption of IFRS in Saudi Arabia keeping in view the above mentioned deadline.
All companies in Saudi Arabia are required to adopt IFRS and follow Accounting Standards generally accepted in KSA as they are issued by the Saudi Organization for Certified Public Accountants (SOCPA).
Due to Adoption of IFRS in Saudi Arabia the Saudi Government will benefit from more foreign investment, better financial reporting, transparency.
We Provide professional IFRS Implementation Services in KSA. Contact us for more information:
Whatsapp: +971 55 8400399
Voice: +92 321 8408828
email: info@thebscon.com
Skype: waheedensari
