International Accounting Standards IFRS

The application of international accounting standards has become mandatory for companies and institutions to adhere to international accounting standards, starting from January 1, 2018.
The successful application process of international standards is of great importance for any company in order to ensure compliance with the requirements prepared by the Saudi Organization for Certified Public Accountants. We, in the office of Muhammad Al-Duwais Certified Accountants and Auditors, will seek to serve you in facilitating the application process of international accounting standards by providing our consultations and long-standing experience in In this field, we have qualified employees for this task. We have worked on preparing a team of experienced people who have previously worked in preparing a number of clients in the Kingdom of Saudi Arabia as external auditors and consultants to help them in applying international accounting standards. Our practical experience has qualified us to obtain an understanding An in-depth study of how to apply international accounting standards in a sustainable and realistic way within the scope of business.
International accounting standards benefit investors in:
• Providing financial and accounting information that is more reliable, accurate and comprehensive, which increases confidence in the financial statements
• It increases the quality of financial statements and makes them easier to read for investors, and reduces the risk for new investors
• Reducing international differences in financial reporting, which helps eliminate obstacles in ownership and control
• Organizing the accounting process and adopting the international aspect of the agreement of international organizations to implement it in order to gain recognition, credibility, and ease of investment and financial decision-making.
• The transformation decision has important objectives to keep pace with the Kingdom’s vision of transforming the economy and the participation of international capital in the directions and message of Vision 2030 because of the financial lists and outputs it provides that are transparent and credible as well as internationally recognized, which facilitates comparison, analysis and evaluation.
• It increases the efficiency of comparison of financial statements with countries that apply international standards
• Improving the efficiency of commitments and contracts made between companies and their departments, and improving the governance performance of companies.
• It contributes to improving the use of accounting information in making decisions, prioritizing and distributing resources better.