08 December 2016
When asked what sectors will be impacted by Saudi Arabia's shift to International Financial Reporting Standards (IFRS) in 2017, Pierre Arman, Market Development Lead for Tax&Accounting at Thomson Reuters MENA replied on Wednesday to the Trading Middle East online forum:
"At present, the Saudi Arabian Monetary Agency (SAMA) requires only banks and insurance companies in the country to report under IFRS."
Pierre added: “Under the Saudi Organisation for Certified Public Accountants (SOCPA) IFRS transition program, all listed entities are required to report under IFRS, as adopted by SOCPA for financial periods beginning on or after 2017.”
He concluded: “While the transition to IFRS is a challenge for many companies in Saudi Arabia, it is also an opportunity for them to improve their internal processes, optimize their resources and will bring them enhanced access to capital and at a better cost, thus increasing financial stability in the Kingdom”
The euro held firm near a three-week high versus the dollar on Thursday, as investors turned their attention to the European Central Bank's policy meeting later in the day.
Asian shares hopped higher on Thursday after Wall Street strode to new records and bonds rallied on wagers the European Central Bank would extend its asset buying campaign at a policy meeting later in the session.
Stock markets in the United Arab Emirates outperformed the region on Wednesday while investors booked profits in Saudi Arabian petrochemical shares and Egyptian blue chips.
Oil prices edged up on Thursday, supported by a weaker dollar ahead of next week's Federal Reserve meeting and by a drawdown in U.S. crude stocks.
Gold edged up slightly, as markets waited for clues on the future of the European Central Bank's asset purchase programme later in the day.
In the latest news, Tunisia's UGTT union has cancelled a planned public- sector general strike after reaching an agreement with the government on salary increases covering the next two years, officials said on Wednesday.
Russian oil producers have supported proposals by the Energy Ministry to cap oil output, the ministry's representative Olga Golant told reporters after the Minister Alexander Novak met with producers.
Japan's Cabinet Office slashed its economic growth reading for July-September on Thursday, revising down initial estimates of capital expenditure and inventories - renewing concerns about Japan's growth prospects.The Cabinet Office said the economy grew at a 1.3 percent annualized rate in July-September, a severe revision from the 2.2 percent annualized growth first estimated and barely over half the median estimate for a 2.4 percent annualized expansion.
© Trading Middle East 2016