The SOCPA Board of Directors have approved the transition plan to IFRSs and IFRS for SMEs on 18 February 2012, to converge with the global best practices in accounting and to achieve comparability.
Implementation of the IFRS for SMEs has an impact on these companies and their business operations. As such, and to continue our previous efforts to support the private sector in the Kingdom, we have issued our first edition of the Guide to annual Arabic IFRS for SME financial statements - Illustrative disclosures.
This edition includes the minimum requirements of presentation and disclosures that any SME should follow to comply with the IFRS for SMEs as endorsed by SOCPA. It is also used as guidance for companies adopting the IFRS for SMEs for the first time.
This guide does not constitute a professional consultation, since the IFRS for SMEs is subject to change with time. Therefore, this guide should not be used without reference to the original full IFRS for SMEs standard. Users of this guide should not act upon any information presented without obtaining professional consultation. Therefore, KPMG is not responsible for the accuracy of information or any loss resulting from reliance on information in this publication. Therefore, it is required to always refer to the full IFRS standards.
It is also recommended to read our updated publication “The IFRS for SMEs: Consideration the alternative”, which includes a comparison between the IFRSs and SOCPA Standards. If you have any questions or want to request professional services, please click on the following link.
Refer to our previous publication “The IFRS for SMEs: Consideration the alternative”. The concept of this publication should be similar.