The Authority Adopts the International Council's Amendments to Each of International Financial Reporting Standard No. 9 and No. 7

الهيئة تعتمد تعديلات المجلس الدولي على كل من المعيار الدولي للتقرير المالي رقم 9 و 7

The Saudi Organization for Chartered and Professional Accountants, represented by its Accounting Standards Board, adopted amendments issued by the International Accounting Standards Board to International Financial Reporting Standard No. 9 and No. 7, concerning accounting for and disclosure of nature-based electricity contracts. The IFRS 9 amendments add requirements to assess whether such contracts are entered into and held to meet an entity's expected electricity usage needs, while the IFRS 7 amendments introduce disclosure requirements enabling users of financial statements to understand the effects of these contracts on future cash flows and financial performance.

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