SOCPA Participates in First 2025 IASB Advisory Forum Meeting

KSA, 09 June, 2025 : The Saudi Organization for Certified Public Accountants (SOCPA), represented by its Accounting Standards Board (ASB), took part in the first 2025 meeting of the IASB Accounting Standards Advisory Forum (ASAF), held virtually on 24–25 March.

Dr. Abdulrahman Al-Razeen, Executive Director of Professional Standards, represented SOCPA and contributed to discussions on several key IASB projects, including:

• IAS 28 (Equity Method): SOCPA proposed clarifying the concept of “significant influence” and control overlaps in equity method applications.

• Intangible Assets: Emphasis was placed on reconsidering the accounting treatment for internally developed tech-related intangibles and expanding the revaluation model.

• IAS 32 (Financial Instruments): Feedback focused on improving presentation and disclosure requirements.

• Cash Flow Statement: SOCPA suggested accounting for digital currencies and aligning the statement with IFRS 18 classifications for better comparability.

• IFRS 16 Review: SOCPA supported including sale and leaseback issues in the post-implementation review.

For full meeting details and reports, visit the IASB's website.