Saudi Implementing New International Accounting Standards

Lesson Brief Al Sharq Al Awsat
On May 18, Al Sharq Al Awsat reported that Saudi Arabian companies, primarily banks and financial institutions, are working toward full implementation of new international banking and accounting standards. Saudi Arabia is reportedly approaching implementation of the first phase of the July 2014 IFRS 9, an international regulatory protocol developed by the International Accounting Standards Board aimed at preventing banking crises of the like seen in 2008. The first phase focuses asset reporting and classification financial statement system based on a uniform "expected loss" rather than "incurred loss" model. Notice the synonyms in Arabic for "standard" and "precautions."

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