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Reference to Saudi Organization for Certified Public Accountants (SOCPA) board resolution in 2012 (1433H) on the plan of executing International Accounting and Auditing Standards to financial statements prepared for financial periods effective 1/1/2017, and Capital Market Authority announcement regarding obliging entities listed on the Exchange to disclose their IFRS transition progress on phases.
Saudi Stock Exchange (Tadawul) announces the launch of the new taxonomy upgrade in its disclosure system (Ifsah) to comply with IFRS standards. Tadawul has worked on this initiative to help listed companies use the tools available in the disclosure system (Ifsah) starting with the results of the first quarter of 2017 to facilitate the publication of financial results by applying the information entered in accordance with IFRS compliant updates.
Through this initiative, Tadawul aims to enhance the tools for listed companies to disclose in accordance with the new standards and to make them available through XBRL to facilitate their use for market participants. The objectives of this initiative are also part of Tadawul ‘s ongoing development efforts as well as providing accurate information for all market participants.
Tadawul will hold a number of awareness workshops for listed companies in Riyadh, Jeddah and Khobar to highlight the changes on (Ifsah) to comply with IFRS.
