Accounting in Saudi Arabia

Overview by

Accounting System

Accounting Standards
Saudi Arabia uses accounting standards issued by Saudi Organization for Certified Public Accountants (SOCPA). In case an issue is not covered by SCOPA standards, IFRS (International Financial Reporting Standards) standards are used. Banks operating in the Kingdom generally used IFRS.
Accounting Regulation Bodies
SOCPA, Saudi Organization for Certified Public Accountants
Saudi Accounting Society, There are over 278 members in this association.
Accounting Law
Saudi Accounting Laws
Also refer to SAGIA web site.
Difference Between National and International Standards (IAS/IFRS)
Saudi accounting standards are broadly based on IFRS. SOCPA adheres to the norms set by the International Federation of Accountants.If an issue is not cover by SOCPA, the IFRS is the standard.
Accounting News
Saudia Online

Accounting Practices

Tax Year
The taxable year starts from the date the taxpayer obtains a commercial registration but taxpayer may use a different financial year beginning on the 1st January and ending on the 31st December of each year for example.
Accounting Reports
The companies need to maintain their accounting reports, especially 'balance sheet and ‘profit and loss account'.
Publication Requirements
The ‘balance sheet' and ‘profit and loss account' need to be published every fiscal year. Many Saudi companies are making their financial reports available on internet.

Accountancy Profession

Saudi Organization for Certified Public Accountants (SOCPA) promotes the accounting and auditing profession in the country. The accountancy professional can practice provided his name is listed in the 'Register of Certified Public Accountants' with the Ministry of Commerce and Industry. The minimum qualification for registration is a Bachelor's degree in Accountancy or any other equivalent Certificate as may be deemed acceptable by the competent authorities in charge of equivalency of degrees.
Professional Accountancy Bodies
SOCPA, Saudi Organization for Certified Public Accountants
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Audit Bodies
Only licensed auditors, recognised by Ministry of Commerce and Industry can perform auditing in Saudi Arabia.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is an Islamic international autonomous non-profit corporate body that prepares accounting, auditing, governance, ethics and Shari'a standards for Islamic financial institutions and the industry.

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