Conversion to IFRS Standards in Saudi Arabia are already underway with publicly listed companies required to report using the new financial reporting framework as of 2017, and SMEs following suit in 2018.

Adoption of IFRS Standards is part of the ‘Project for Transition to International Accounting and Auditing Standards’ introduced by the Saudi Organization for Certified Public Accountants (SOCPA). A key advantage in the introduction of IFRS is the standardization of reporting, allowing entities across the world to be compared in a consistent way.

In this episode of MENA Talks, we hear from Andrew Hay, Global Head of Accounts Production for Thomson Reuters, talk through some of the obstacles and opportunities associated with IFRS conversion, based on his first-hand experience in Australia.