Regulatory Alerts2015-02-19
Start Date for Adopting the International Accounting Standards
The Saudi Arabian Monetary Authority mandates that financing companies operating in the Kingdom adopt International Accounting Standards for their financial reporting. Joint stock financing companies must comply starting from the beginning of 2015, while limited liability companies must comply upon their official conversion to joint stock status or from the first quarter of 2015, whichever occurs later. Affected entities are required to submit quarterly financial statements prepared in accordance with these standards to the Authority.
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