Saudi GAAP Transition to International Financial Reporting Standards (IFRS): Compliance with SOCPA

Why Attend

Do you want to prepare your accounting and finance team for a successful transition from Saudi GAAP to International Financial Reporting Standards (IFRS)? With this course, you will recognize the key differences between the two standards, identify the steps in applying IFRS for the first time and their effect on your financial statements, and get acquainted with the latest updates. 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.

Course Methodology

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.

Course Objectives

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 International Financial Reporting Standards 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

Target Audience

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

Target Competencies

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