Financial reporting rules for KSA firms

Saudi-listed firms are required from Sunday to disclose details under a new initiative to adopt accounting standards in line with International Financial Reporting Standards (IFRS), the Capital Market Authority (CMA) said.
The CMA added that the measures aim to help Tadawul-listed firms shift to the IFRS system by Jan. 1, 2017.
During the first stage, which runs from Aug. 21 to Sep. 1, firms must disclose whether a plan is developed to facilitate the application of IFRS, including the target date to approve accounting policies.
In the second phase, companies will disclose related updates during a one-month period which will end on Oct. 30. 
The third stage will be implemented from Jan. 1 until Jan. 31. 
During this period, companies will be required to announce related financial impact, if any, as well as obstacles to preparing the new financial statements.

Source: Arab News