Dear Esteemed Chamber Subscribers,
May the peace, mercy, and blessings of Allah be upon you.
Asharqia Chamber extends its warmest greetings to you and would like to inform you that it has received the letter of the Federation of Saudi Chambers No. (45544361/19), dated (17/8/1447 AH), which refers to the letter of the Saudi Organization for Chartered and Professional Accountants No. (000601), dated (2/8/1447 AH), which states that the Organization has adopted the updated ( third) version of the International Financial Reporting Standard for Small and Medium-Sized Entities, which includes updates to a set of requirements for the purpose of alignment with the full version of the International Financial Reporting Standards, while simplifying those requirements for the purposes of the Standard. Most of the updates focused on Sections (No. (2), No. (9), No. (11), No. (19), and No. (23)), in addition to limited updates to a number of other sections of the Standard. The updates to Section No. (2) aimed at alignment with the updated Conceptual Framework ( of 2018), the updates to Section No. (9) at alignment with the requirements of International Financial Reporting Standard (10) with regard to the consolidation of financial statements, the updates to Section No. ( 11) at alignment with the requirements of International Financial Reporting Standard (9) ( including merging Section No. (11) with Section No. (12) of the current version ( the second version) and adding a new section to cover fair value), the updates to Section No. (19) at alignment with the requirements of International Financial Reporting Standard No. (3), and the updates to Section No. (23) at alignment with the requirements of International Financial Reporting Standard No. ( 15 ) ( including changing the name of the section to “Revenue from Contracts with Customers”). The updates also included improvements aimed at simplifying the wording and clarity of a number of requirements in the Standard. The updated version can be viewed by visiting the Organization’s website (http://go.ac.sa/p1m).
Please accept our sincere regards and appreciation.