The Capital Market Authority (CMA) represented by the Listed Companies and Investment Products Deputy holds IFRS workshops. The aim of the workshops is to help increase the listed entities' level of readiness for the implementation of the International Financial Reporting standards, endorsed by the Saudi Organization of Certified Public Accountants (SOCPA) Board of Directors, starting from 1/1/2017.
The workshops are conducted by a group of IFRS experienced trainers and are attended by listed entities CFOs and Chief Accountants. Workshops covers all sectors of the exchange market , where each workshop highlights the most significant IFRS matters of the relevant sector. The workshops address various topics including IFRS first time adoption, revenue recognition issues, property plant and equipment, new control model and joint arrangements, leases, and the impact of IFRS conversion on other business process (i.e. IT, HR, procurement, contracting, and budgeting).
These workshops are in line with CMA's efforts to support the listed entities' transition to the IFRS. CMA took several steps under the IFRS transition initiative, among which was the establishment of a high steering committee to oversee the IFRS transition by listed companies in order to follow the readiness of such companies for the IFRS transition and to address the challenges, which the companies may encounter. The committee includes members with experience and competence from both inside and outside the CMA. It is noteworthy, that as part of its efforts to spread awareness regarding the IFRS among listed companies and investors, CMA since 11th of August 2016, launched an awareness campaign via its social media accounts, aiming to introduce the IFRS, advantages of the IFRS transition, and disclosures required by such standards
The CMA assures the necessity for all companies listed at the stock exchange to take all necessary procedures to prepare their financial statements in compliance with the IFRS before the due date.
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© Press Release 2016
