News
Saudi Arabia to Require Use of IFRS Standards in 2017 and IFRS for SMEs in 2018
27-Dec-2015
LONDON - IFRS Standards will be the financial reporting framework for all listed companies in Saudi Arabia starting in 2017, and the IFRS for SMEs will be the reporting framework for unlisted companies starting in 2018.
Adoption of IFRS Standards is part of a 'Project for Transition to International Accounting and Auditing Standards'. Currently, the Saudi Arabian Monetary Authority (which is the Saudi Arabian central bank) requires banks and insurance companies in Saudi Arabia (both listed and unlisted) to report using IFRS Standards.