Regulatory Alerts2020-12-13
The Amendment of the International Accounting Standards
The Saudi Central Bank (SAMA) has issued binding instructions requiring all finance companies operating in the Kingdom to comply with the Saudi Organization for Chartered and Professional Accountants' (SOCPA) adoption of periodic International Accounting Standards Board amendments. These regulatory updates specifically modify IFRS 1, IFRS 9, IAS 41, IAS 37, IAS 16, and IFRS 3 to clarify subsidiary translation options, financial instrument modifications, agricultural fair value measurements, onerous contract costs, property testing proceeds, and business combinations. Compliance with the attached instructions is mandatory from their email dispatch date, with full reference materials accessible via SOCPA’s official website.
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