Representatives of the International Accounting Standards Board (IASB) and the Saudi Organization of Certified Public Accountants (SOCPA) met on 24th October in London to discuss progress towards the adoption of International Financial Reporting Standards (IFRSs) in the Kingdom of Saudi Arabia. The discussions were led by Mr. Yousef Al-Mobarak, Board Member of SOCPA and Mr. Gihad Al-Amri, Chairman of Saudi Accounting Standards Committee. The meeting took place at the same time as the IASB’s World Standard-Setters conference – an annual gathering of the worldwide accounting standard-setting community.
Commenting on the meeting, Ian Mackintosh, Vice-Chairman of the IASB said:
"Saudi Arabia is a leading regional economy as well as being an important member of the G20. We are extremely pleased to note the progress Saudi Arabia is making towards the adoption of IFRS. We have undertaken to help them in any way we can and we look forward to welcoming them into the family of IFRS adopters."
Gihad Al-Amri, said:
"The willingness and support expressed by the IASB members are very encouraging. Implementing high-quality global standards that addresses both local and international needs is our ultimate goal. We will work closely with the IASB to achieve this goal and facilitate compliance with IFRS."
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6410