The mutation consulting services to international standards IFRS
Convergence to International Financial Reporting Standards (IFRS)
- The Kingdom of Saudi Arabia began the convergence plan to International Financial Reporting Standards(IFRS’s) under the authority of the Saudi Organization of Certified Public Accountants. The convergence plan was called the “SOCPA Project for Transition to International Accounting & Auditing Standards”.
- Under the convergence plan, all listed companies are required to adopt IFRS for financial periods beginning on or after January 1, 2017, and all other entities for financial periods beginning on or after January 1, 2018. Unlisted entities may opt for an early adoption of IFRS from January 1, 2017.
- In addition, SOCPA approved the IFRS for small- and medium-sized entities (SMEs) in 2018 for use by non-publicly accountable entities.
- We offer the following suite of services to our clients for the convergence:
Arranging awareness sessions to key stakeholders.
- Preparing a detailed GAAP Analysis on the current accounting standards vs IFRS’s.
Identifying key accounting issues.
- Incorporating the required accounting entries in the opening balances on the trial balances as required by “IFRS 1- First time adoption” , along with subsequent adjustments.
- Preparing actuarial valuations for IAS 19, along with other fair value assumptions.
- Preparation of financial statements in accordance with the International Financial Reporting Standards (IFRS’s) as endorsed in the Kingdom of Saudi Arabia.