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

Course details

By the end of the program, participants will be able to:

• Determine the major differences in the financial accounting and reporting between International Financial Reporting Standards (IFRS) and Accounting Standards Generally Accepted in the Kingdom of Saudi Arabia (Saudi GAAP).
• Properly 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.
• Identify the effect of the transition from Saudi GAAP to IFRS on their company’s financial statements.
• Prepare financial statements for entities adopting International Financial Reporting Standards for the first time.

Who should attend:

• Staff Accountants
• Senior Accountants
• Chief Accountants
• Accounting Managers
• Controllers
• Internal Auditors and other professionals in the accounting and finance functions

Program Outline:

• Introduction and Key Financial Statements 
• IFRA 1 - First Time Adoption of International Financial Reporting Standards 
• Comparison of Current Assets 
• Comparison of Long-LIved Assets 
• Comparison of Financial Instruments 
• Exploration for and Evaluation of Mineral Resources 
• Comparison of Liabilities and Equities 
• Accounting Changes and Discontinued Operations 
• Fair Value Measurement