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To meet with the global standards, Saudi Arabia planned to implement International Accounting & Auditing standard in the country. SOCPA(Saudi Organization for certified public Accountants) which is the key Authority for issuing Accounting & Auditing standards in the KSA, decided to form steering committee & requested it to submit its recommendations with respect to convergence of Saudi standards with International standards. In 2012, steering committee submitted its recommendations & SOCPA initiated the project called " SOCPA project for transition to International Accounting & Auditing standards". As a part of project each IFRSs were tested for possible modification as per economic & cultural environment in KSA. In 2016 final stage of transition project was concluded by SOCPA & it announced the phasewise applicability starting from calendar year 2017 of the IFRS in KSA. Now Saudi Arabia is set to join the 130+ countries across the globe in application of IFRS.
Following few points will explain you why it is not just an accounting change & why IFRS Implementation should be considered as planned event & should be taken into priority tasklist of the company !
Due to change in revenue recognition principles, alignment of sales processes & contract management with Accounting software & Financial reporting needs to be done.
It will have substantial impact on entity currently following LIFO Method & would require system change, staff training. Analysis of impact on key ratios becomes important.
Instruments like Tawarruq, Murabaha, Ijaraha etc needs to be checked for possible impact on financial reporting. There was no standard to cover Hedge Accounting till now. IFRS 9 specifically requires entities to report Hedge Accounting.
Due to component based accounting system under IFRS, generation & maintenance of past & future data will test the flexibility & capability of the system.Revaluation choice can strengthen the financial position (improve ratios).Development of model to calculate restoration costs & its discounting.
Entities need to built in impairment assessment process to ensure that impairment assessments / reviews are performed at each reporting period.
1 - Diagnose
Review of existing accounting policies as per Saudi Accounting standards & identification of differences when compared to IFRS.
2 - Implementing convergence plan
a) Accounting policy & strategic choices
b) Gap analysis
c) Develop & communicate roadmap of convergence plan to top management & financial reporting team. Presenting impact analysis to stakeholders
d) Gather relevant data, assessment of controls & IT system processes & redesign of new processes
e) Convergence of Last 2 year’s Financial statements to IFRS including transition notes as per IFRS 1 & preparation of IFRS compliant financial statements for year of adoption
3 - Post Convergence Assistance
a) Update Policy, procedures & Systems.
b) IFRS Training program for relevant staff for future.
Our Financial reporting professionals are qualified chartered Accountants with extensive practical experience in financial reporting across multiple jurisdiction & under various accounting framework (US GAAP, IND AS, IFRS).
Our team is currently engaged in successfully delivering IND AS (Indian converged version of IFRS) conversion assignment for listed as well as other publicly accountable entities based in India.
Two of partners are a part of IFRS implementation committee of WIRC of ICAI in India. We have also done US GAAP conversion assignments in past for US based Indian companies.
Ex Inspector of Central Excise
Specialised in : GST Advisory, Excise, Service Tax.
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