The Authority Adopts International Financial Reporting Standard No. 18 for Application in the Kingdom

الهيئة تعتمد المعيار الدولي للتقرير المالي رقم (18) للتطبيق في المملكة

The Saudi Organization for Chartered and Professional Accountants, represented by its Accounting Standards Board, has adopted International Financial Reporting Standard No. 18 (IFRS 18) for application in the Kingdom, replacing International Accounting Standard No. 1. IFRS 18 focuses primarily on developing presentation and disclosure requirements relating to the statement of financial performance (primary and subtotals), aggregation and disaggregation principles, and management-defined performance measures. The Board approved the adoption on 25/6/1446 AH (corresponding to 26/12/2024), permitting early application, and also approved transferring the additional disclosures previously decided for IAS 1 to IFRS 18 after aligning them with the new standard's paragraphs.

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