Saudi GAAP Transition to International Financial Reporting |Smart

Overview

Why Attend

Do you want to prepare your accounting and finance team for a successful transition from Saudi GAAP to International Financial Reporting Standards (IFRS)? With this course, you will recognize the key differences between the two standards, identify the steps in applying IFRS for the first time and their effect on your financial statements, and get acquainted with the latest updates. This course will help you remain in compliance with requirements of the Saudi Organization of Certified Public Accountants (SOCPAs) while furthering your understanding of the transition’s requirements. It will give you the knowledge and skills to prepare for such a transition while you exchange knowledge with other participants attending from various organizations operating in Saudi Arabia.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

List major differences in financial accounting and reporting between International Financial Reporting Standards (IFRS) and accounting standards generally accepted in the Kingdom of Saudi Arabia (Saudi GAAP)
Recognize the effect of the transition from Saudi GAAP to IFRS on their company’s financial statements and identify mandatory exceptions and optional exemptions from this transition
Prepare financial statements for entities adopting International Financial Reporting Standards for the first time
Explain how to account for assets, liabilities, equity, revenues and expenses under both IFRS and Saudi GAAP
Apply the different accounting methods allowed under IFRS and Saudi GAAP to multiple situations

Target Audience

Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, and other professionals in the accounting and finance functions.

Target Competencies

Financial accounting and reporting
Comparison of financial standards
Applying differences between IFRS and Saudi GAAP
Performing gap analysis
Managing transition process

Course Outline

Introduction and key financial statements
- Financial reporting standards setters:
  - Role of International Accounting Standards Board (IASB)
  - Saudi Organization for Certified Public Accountants (SOCPA)
- Update on future milestones on road to transition
- Comparison of presentation and classification of financial statements:
  - Statement of financial position
  - Statement of income and comprehensive income
  - Statement of cash flows
  - Statement of changes in owners’ equity
IFRS 1: First time adoption of international financial reporting standards
- Entities subject to IFRS 1
- Opening IFRS statement of financial position
- Mandatory exceptions from retrospective application
- Optional exemptions from retrospective application
- Deemed cost option: measuring assets at fair value
Comparison of current and non-current assets
- Cash and cash equivalents
- Inventory costing methods
  - Valuation at initial recognition
  - Subsequent measurement
- Inventory cost flow assumptions
- Property, plant and equipment
  - Cost model versus revaluation model
  - Component depreciation
  - Treatment of idle assets
  - Assets received as part of a grant
- Intangible assets
  - Cost model versus revaluation model
  - Incorporation and start-up costs
  - Research and development costs
- Investment property
  - Cost model versus fair value
  - Subsequent depreciation
- Capitalizing borrowing costs
- Treatment of decommissioning costs
- Impairment of long lived assets
Comparison of liabilities and equities
- Criteria of recognition and disclosures
  - Provisions
  - Contingent liabilities
  - Contingent assets
- Other comprehensive income components: new to SOCPA
Accounting changes and discontinued operations
- Treatment of changes in accounting policies
- Changes in estimates
- Correction of prior period errors
- Initial recognition for discontinued operations
- Subsequent measurement for discontinued operations
Newest standards introduced
- IFRS 9: Financial instruments
  - Classification of debt and equity investments under IFRS 9
    - Fair Value Though Profit and Loss (FVTPL)
    - Fair Value Through Other Comprehensive Income (FVTOCI)
    - Amortized Cost (AC)
  - How to determine a business model for classifying financial assets
  - Initial and subsequent measurement
  - Transfer between categories
  - Impairment of financial assets under IFRS 9
- IFRS 15: Revenue from contracts with customers
  - Step 1: Identify the contract with the customer
  - Step 2: Identify the performance obligations in the contract
    - Separate goods from services
  - Step3: Determine the transaction price
    - Effect of time value of money
    - Accounting for variable consideration
  - Step 4: Allocate the transaction price to the performance obligations in the contract
  - Step 5: Recognize revenue when the entity satisfies a performance obligation
    - Separate performance obligation satisfied at a point in time from performance obligation satisfied over a period of time
- IFRS 16: Leases
  - Reasons for the transition from IAS 17 to IFRS 16
  - Recognition exemptions: expensing lease payments
    - How will the lease of small value items be affected
  - Identifying a lease transaction
  - Separating components of lease contract
  - Accounting by lessees
  - Accounting by lessors
  - Effective date and transition

Schedule & Fees

2026 Schedule & Fees

18 - 22 Oct, 2026

English

Per participant USD 2,900

18 - 22 Oct, 2026

Arabic

Per participant USD 2,900

29 Nov - 3 Dec, 2026

English

Per participant USD 2,900

29 Nov - 3 Dec, 2026

Arabic

Per participant USD 2,900

2027 Schedule & Fees

17 - 21 Jan, 2027

English

Per participant USD 2,900

17 - 21 Jan, 2027

Arabic

Per participant USD 2,900

28 Feb - 4 Mar, 2027

English

Per participant USD 2,900

28 Feb - 4 Mar, 2027

Arabic

Per participant USD 2,900

18 - 22 Apr, 2027

English

Per participant USD 2,900

18 - 22 Apr, 2027

Arabic

Per participant USD 2,900

30 May - 3 Jun, 2027

English

Per participant USD 2,900

30 May - 3 Jun, 2027

Arabic

Per participant USD 2,900

18 - 22 Jul, 2027

English

Per participant USD 2,900

18 - 22 Jul, 2027

Arabic

Per participant USD 2,900

29 Aug - 2 Sep, 2027

English

Per participant USD 2,900

29 Aug - 2 Sep, 2027

Arabic

Per participant USD 2,900

17 - 21 Oct, 2027

English

Per participant USD 2,900

17 - 21 Oct, 2027

Arabic

Per participant USD 2,900

28 Nov - 2 Dec, 2027

English

Per participant USD 2,900

28 Nov - 2 Dec, 2027

Arabic

Per participant USD 2,900

Saudi GAAP Transition to International Financial Reporting Standards (IFRS): Compliance with SOCPA

Overview

Why Attend

Course Methodology

Course Objectives

Target Audience

Target Competencies

Course Outline

Schedule & Fees

2026 Schedule & Fees

2027 Schedule & Fees