IASB and SOCPA: Progress towards IFRS adoption

29 October 2012

Representatives of the IASB and the Saudi Organisation of Certified Public Accountants (SOCPA) met on 24th October in London to discuss progress towards the adoption of IFRSs in the Kingdom of Saudi Arabia.

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, Chairman of the Saudi Accounting Standards Committee, 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."

Press release

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