The 'Condonation of Delay Scheme' would be in force from January 1 to March 31, 2018, according to government officials. The government will provide a 3-month window to defaulting companies to submit their annual filings starting January 1, a move that will come as a relief for hundreds of disqualified directors.Read More
Saudi arabia is implementing IFRS in the kingdom. How newly released IFRS 16 will have impact in first time adoption of IFRS during this implementation of KSA Entity ?Read More
Change in lease accounting due to newly released IFRS 16 (IND AS 116 proposed). Major changes are in lessee's accounting treatment of lease. Also new way for identifying a contract as a lease.Read More
VAT is implemented in the Kingdom of Saudi Arabia with effect from 1st of Jan 2018. Even the first monthly return was due on 28th of Feb 2018. This being a transactional tax change, it has impacted the way business was done apart from the cash flow and P & L to a great extent. This article lists down the ongoing clarifications, press releases and changes post VAT implementation.