02/02/2025
Gentlemen/ Members of the chamber
Greetings,
Asharqia Chamber extends its best regards to you, and informs you that it has received the letter of the Federation of Saudi Chambers of Commerce No. (45516124/1) dated (28/7/1446 AH), which refers to the letter of the Saudi Organization for Certified Public Accountants No. (000730) dated 15/7/1446 AH, which states that the organization, represented by the Accounting Standards Board, has adopted International Financial Reporting Standard No. (19) for application in the Kingdom, and the application of the additional disclosures stipulated in the document adopting International Financial Reporting Standards in the Kingdom when applying that standard, noting that the application of the standard is "optional", as the subsidiary may choose to apply that standard or apply the International Financial Reporting Standards in their full version, including the disclosure requirements therein, and it may apply it during a specific period and withdraw from applying it in future periods according to the controls specified by the standard, and this standard aims primarily to facilitate the mechanisms and systems for preparing financial statements and reduce their cost for subsidiaries not subject to public accountability when they prepare their financial statements in accordance with the International Financial Reporting Standards in their full version, through The disclosure requirements in this standard replace the disclosure requirements in the full version of the international standards. This standard provides a reduced level of disclosures (compared to the disclosures required in the full version of the international standards), somewhat similar to the disclosures required in the International Financial Reporting Standard for Small and Medium-sized Entities. The standard does not include any requirements related to recognition, measurement or presentation. The standard requires that, in order to apply its requirements, the parent entity (intermediate or final) prepares its general purpose financial statements in accordance with the full version of the International Financial Reporting Standards. The standard referred to above can be viewed by visiting the Authority’s website – Professional Standards page – Accounting Standards – Approved Accounting Standards on the electronic link ((www.socpa.org.sa/accounting.))
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