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Saudi Companies Prepare to Implement International Code on Financial Reporting | ASHARQ AL-AWSAT English Archive 2005 -2017
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Riyadh- As the date on Saudi stock companies implementing international code on financial reporting approaches, Saudi local companies organized specialized seminars which work on raising managerial caliber, preparing all concerned partakers for the upcoming significant changes in the money market.

The seminars are held for evaluating the technical and professional capacities and promptness of the Saudi market on applying international code to assembling monetary reports. Activities are launched in light of the Saudi Capital Market Authority giving the implementation of fiscal reporting international code the priority, and to be put into action as of the start 2017.

Singled out as an anticipated exceptional transition, the implementation of worldwide adopted regulations is expected to increase the appeal of Saudi foreign capital stock markets and companies. Moreover, the Kingdom of Saudi Arabia had mitigated red tape strangles for a more facilitated flow of foreign investment.

KPMG Saudi Arabia, a firm which has operated in the Saudi market since 1992, on Monday held its specialized seminar on engaging international standards on fiscal reporting. The seminar was held in the Khobar city located in the Eastern Province of the Kingdom.

Meanwhile, further rotations will take place on Monday Tuesday May 22nd and 23rd respectively,in Riyadh.

KPMG, in an official statement to the media, clarified that the seminars represent a step taken in view of efforts both accounting and review offices across the kingdom are spending on elevating the level of market technical preparedness for the implementation of international touchstones and the composition of comprehensive financial reports.

The first wave of implementation, which will hit global market institutes, will take place in 2017, while the second wave covering other companies will launch in 2018.

Co-director of KPMG Ibrahim Baeshen, speaking from Khobar, confirmed that the seminars stand to prove the importance of the topic they discuss.

“ Not only companies hold the responsibility, but also all concerned parties, which is why efforts must conjoin among members held responsible for regulation, those responsible for preparing financial lists, reviewers, consumers and academic scholars; for they each play a role in realizing the ultimate goal,” said Baeshen.

Adopting international code and discussing proposed mechanisms were the major two topics steering the seminars. Potential challenges, and the necessity of companies following through internal procedures adequate to international code were also mentioned.