IFRS in Saudi Arabia: Compliance with SOCPA

Whether you work for a listed company in Saudi Arabia that has already adopted International Financial Reporting Standards (IFRS) or a non-listed company in the process of transition to IFRS, this course will provide you with the right tools to be on the top of this change in order to prepare error-free IFRS financial statements.

For first-time adopters, this course will help you remain in compliance with requirements of the Saudi Organization of Certified Public Accountants (SOCPAs) while furthering your understanding of the transition’s requirements. It will give you the knowledge and skills to prepare for such a transition while you exchange knowledge with other participants attending from various organizations operating in Saudi Arabia who can share their actual experience and the challenges they faced with the transition. For those who work in companies that have already adopted IFRS, with this course you will recognize the key differences between the two standards and gain the knowledge and practical guidance needed to use IFRS and stay up to date with its newest standards and changes.

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

By the end of the course, participants will be able to:

• List major differences in financial accounting and reporting between International Financial Reporting Standards (IFRS) and accounting standards generally accepted in the Kingdom of Saudi Arabia (Saudi GAAP)
• Recognize the effect of the transition from Saudi GAAP to IFRS on their company’s financial statements and identify mandatory exceptions and optional exemptions from this transition
• Prepare financial statements for entities adopting IFRS for the first time
• Explain how to account for assets, liabilities, equity, revenues and expenses under both IFRS and Saudi GAAP
• Apply the different accounting methods allowed under IFRS and Saudi GAAP to multiple situations
• Explain the most recent updates on existing IFRS and evaluate the effect of newly issued standards on their organization

Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, and other professionals in the accounting and finance functions.

• Financial accounting and reporting
• Comparing financial standards
• Applying differences between IFRS and Saudi GAAP
• Performing gap analysis
• Managing transition process
• Applying IFRS updates