IFRS

All Saudi Arabia companies that are listed on the Capital Market Authority (CMA) or the Alternative Investment Market (AIM) are required to produce their year-end consolidated and interim financial statements in accordance with International Financial Reporting Standards (IFRS). 

It is also becoming increasingly common for non-listed companies to choose to prepare their financial statements in accordance with IFRS if:

• A listing is intended to take place in the future
• Shareholders have requested it
• They wish to aid comparison with other companies in their industry
• They are an international group

 How BDO can assist you

We have significant experience in helping companies and other organisations through the significant process of transitioning to IFRS.  We provide advice and guidance to our listed audit clients and perform complete project management for the entire conversion for our non-audit clients. 

If you are considering a change to IFRS, it is critical that you undertake a full assessment of the impact on:

• Your accounting systems
• The way your business is managed
• How your financial numbers may change

Accordingly we can help you to understand and prepare for the changes that will take place. We have developed an approach that allows us to support your conversion on a timely basis and to ensure that your staff fully understand the requirements of IFRS.  We undertake this whilst still ensuring our independence is maintained.

We offer a range of services allowing us to work with you to address your specific needs including:

• Project management of the conversion
• Provision of accounting opinions
• Implementation of processes and systems
• Bespoke guidance, training and implementation of new accounting standards
• Realising business opportunities arising from conversion