The Authority Adopts International Financial Reporting Standard No. 19 for Application in the Kingdom

الهيئة تعتمد المعيار الدولي للتقرير المالي رقم 19 للتطبيق في المملكة

The Saudi Organization for Chartered and Professional Accountants, represented by its Accounting Standards Board, adopted International Financial Reporting Standard No. 19 for application in the Kingdom, with the adoption decision taken on 25/6/1446 AH (26/12/2024). The standard primarily aims to simplify financial statement preparation and reduce its cost for subsidiaries not subject to public accountability that prepare their financial statements in accordance with the full version of IFRS, provided the parent entity prepares its general-purpose financial statements under full IFRS. Application is optional, and early adoption is permitted, with the additional disclosures stipulated in the Kingdom's IFRS adoption document applying when the standard is used.

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