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The Rise of Islamic Banking and the Implications for Financial Reporting and Auditing in Saudi Arabia
Blog The Rise of Islamic Banking and the Implications for Financial Reporting and Auditing in Saudi Arabia
Islamic banking has witnessed significant growth and acceptance worldwide, with Saudi Arabia being at the forefront of this transformative movement. As the Kingdom's economy embraces Islamic principles, Chief Financial Officers (CFOs) must understand the implications of this shift in financial reporting and auditing practices. This article aims to shed light on the rise of Islamic banking, its future in Saudi Arabia, and the steps CFOs should take to adapt to this evolving landscape.
3 min read | 17 Jul 2023
The Role of Auditing in Promoting Transparency and Accountability in Saudi Arabia
Blog The Role of Auditing in Promoting Transparency and Accountability in Saudi Arabia
Transparency and accountability are crucial for building trust, fostering investor confidence, and ensuring the stability and integrity of financial systems. In Saudi Arabia, auditing is vital in promoting transparency and accountability across various sectors. This article explores the significance of auditing in Saudi Arabia, the key stakeholders involved, the regulatory framework, and the benefits it brings to the economy.
3 min read | 17 Jul 2023
Implications for the Country and the Impact on Taxation and Financial Reporting
The Emerging Trends in Digital Currency in KSA Implications for the Country and the Impact on Taxation and Financial Reporting
Digital currencies powered by blockchain technology have gained significant attention and adoption worldwide. In Saudi Arabia (KSA), the digital currency landscape is evolving, with increasing interest from individuals, businesses, and the government. This article explores the trends in digital currency, their adoption, their impact on the country, and the implications for taxation and financial reporting in Saudi Arabia.
2 min read | 28 Jun 2023
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Ahmad Al Zoubi
Ahmad Al Zoubi
| 4 min read | 21 Mar 2022
Blog How Saudi Arabia's VAT Landscape Has Evolved
Mohamed Hwitat
Mohamed Hwitat
| 3 min read | 29 Mar 2023
Blog Sustainable Finance and ESG Reporting: Opportunities for Saudi Arabian Companies
3 min read | 22 Jun 2023
Our latest insights
Tax Insights Significant Amendments to Saudi Arabian Tax and Zakat Regulation
In a recent development, the Saudi Arabian Ministry of Finance has sanctioned a series of amendments to the income tax and Zakat regulations. These changes, published in the Official Gazette on September 12, 2023, are expected to substantially impact businesses operating in or with Saudi Arabia. Here, we delve into the nuances of these amendments and what they signify for the corporate sector.
Adel Daglas
Mohamed Hwitat
| 3 min read | 25 Sep 2023
Blog Mastering Succession Planning in Saudi Family Businesses
Family businesses have long been the backbone of Saudi Arabia's economy, driving innovation, fostering generational wealth, and contributing significantly to the nation's growth. However, succession planning is a crucial challenge emerging as these businesses evolve in an ever-changing landscape. Effective succession planning ensures the seamless transition of leadership from generation to generation, safeguarding the business's legacy while embracing new perspectives. In this article, we delve into the strategies that Saudi family businesses can employ to navigate the complexities of succession planning and secure their prosperous future.
2 min read | 30 Aug 2023
Blog How ESG Reporting Can Benefit Saudi Arabian Companies
Sustainability has taken centre stage in an era defined by global challenges such as climate change, social inequality, and resource depletion. Across the globe, businesses recognise that their success is intricately linked to their ability to operate in an environmentally responsible and socially conscious manner. Saudi Arabian companies are no exception, and many embrace Environmental, Social, and Governance (ESG) reporting principles to align with global sustainability goals and reap significant financial and reputational benefits.
2 min read | 30 Aug 2023
Blog Navigating Saudi Arabia's Evolving Financial Reporting Landscape
In recent years, Saudi Arabia has been undergoing a remarkable transformation across various sectors, and its financial reporting landscape is no exception. As the Kingdom strives to diversify its economy and attract international investments, significant changes have been made to enhance transparency, accountability, and compliance within its financial reporting practices. For businesses operating within or considering entry into this dynamic market, understanding these changes is crucial to staying competitive and building trust with stakeholders. This article guides navigating Saudi Arabia's evolving financial reporting landscape, highlighting key developments and their implications for businesses.
2 min read | 30 Aug 2023
The Power of Budgeting Effective Techniques for Financial Planning in Saudi Companies
Financial planning is critical to a company's success in today's dynamic business environment. Budgeting is a powerful and indispensable technique among the various tools available for financial planning. Effective budgeting can be a game-changer for Saudi Arabian companies aiming to navigate economic uncertainties and achieve long-term growth. This article explores the power of budgeting and presents some practical techniques to enhance financial planning in Saudi companies.
5 min read | 30 Jul 2023
Impact of IFRS Convergence on Saudi Arabian Businesses Streamlining Financial Processes through Digital Transformation in Accounting
The International Financial Reporting Standards (IFRS) have emerged as a globally accepted accounting framework to enhance transparency, comparability, and consistency in financial reporting. As businesses in Saudi Arabia strive to strengthen their position in the global economy, converging to IFRS becomes a crucial step towards achieving international recognition and credibility. This article explores the impact of IFRS convergence on Saudi Arabian businesses, shedding light on the challenges they might encounter during the transition and the benefits they can reap in the long run.
3 min read | 30 Jul 2023
Blog The Rise of Islamic Banking and the Implications for Financial Reporting and Auditing in Saudi Arabia
Islamic banking has witnessed significant growth and acceptance worldwide, with Saudi Arabia being at the forefront of this transformative movement. As the Kingdom's economy embraces Islamic principles, Chief Financial Officers (CFOs) must understand the implications of this shift in financial reporting and auditing practices. This article aims to shed light on the rise of Islamic banking, its future in Saudi Arabia, and the steps CFOs should take to adapt to this evolving landscape.
3 min read | 17 Jul 2023
Blog The Role of Auditing in Promoting Transparency and Accountability in Saudi Arabia
Transparency and accountability are crucial for building trust, fostering investor confidence, and ensuring the stability and integrity of financial systems. In Saudi Arabia, auditing is vital in promoting transparency and accountability across various sectors. This article explores the significance of auditing in Saudi Arabia, the key stakeholders involved, the regulatory framework, and the benefits it brings to the economy.
3 min read | 17 Jul 2023
The Emerging Trends in Digital Currency in KSA Implications for the Country and the Impact on Taxation and Financial Reporting
Digital currencies powered by blockchain technology have gained significant attention and adoption worldwide. In Saudi Arabia (KSA), the digital currency landscape is evolving, with increasing interest from individuals, businesses, and the government. This article explores the trends in digital currency, their adoption, their impact on the country, and the implications for taxation and financial reporting in Saudi Arabia.
2 min read | 28 Jun 2023
Harmony in Numbers and Nature The Synergy of ESG and Financial Reporting
In finance and business, two seemingly distinct realms often converge to create a powerful force that shapes the future of companies and the planet: Environmental, Social, and Governance (ESG) principles and financial reporting. The relationship between ESG factors and financial performance is not just a coincidence but a manifestation of the inherent harmony between numbers and nature. This article explores the growing significance of ESG integration into financial reporting, highlighting how their synergy can drive positive change and foster sustainable development.
4 min read | 26 Jun 2023
The Digital Transformation in KSA Streamlining Financial Processes through Digital Transformation in Accounting
Saudi Arabia (KSA) is undergoing a significant digital transformation across various sectors, and the accounting field is no exception. As technology advances, KSA's Chief Financial Officers (CFOs) have immense opportunities to harness digital tools and streamline financial processes. This article explores the digital transformation in KSA, the impact on accounting practices, and how CFOs can leverage technology to enhance economic efficiency and effectiveness.
2 min read | 26 Jun 2023
Blog Sustainable Finance and ESG Reporting: Opportunities for Saudi Arabian Companies
Sustainable finance and Environmental, Social, and Governance (ESG) reporting have gained significant momentum globally as businesses increasingly recognise the importance of incorporating environmental and social considerations into their operations. As a critical player in the region, Saudi Arabia has embraced sustainable finance and set ambitious targets to drive its sustainability agenda. This article will explore why ESG is essential, Saudi Arabia's sustainability targets, the significance for businesses, the impact on organisations, and the existing reporting mechanisms.
3 min read | 22 Jun 2023
Blog Sustainable Finance and ESG Reporting: Opportunities for Saudi Arabian Companies
Sustainable finance and Environmental, Social, and Governance (ESG) reporting have gained significant momentum globally as businesses increasingly recognise the importance of incorporating environmental and social considerations into their operations. As a critical player in the region, Saudi Arabia has embraced sustainable finance and set ambitious targets to drive its sustainability agenda. This article will explore why ESG is essential, Saudi Arabia's sustainability targets, the significance for businesses, the impact on organisations, and the existing reporting mechanisms.
3 min read | 22 Jun 2023
Blog Saudi Arabia's Vision 2030 and its Transformative Impact on Auditing, Taxation, and Accounting Practices
Saudi Arabia's Vision 2030 is a comprehensive blueprint for the nation's economic and social transformation. Envisioned by Crown Prince Mohammed bin Salman, this ambitious plan aims to diversify the Saudi economy, reduce its dependence on oil, and foster sustainable growth across various sectors. This transformative agenda has introduced significant reforms in auditing, taxation, and accounting practices to enhance transparency, attract investments, and create a robust business environment. In this article, we will delve into the key initiatives of Vision 2030 and analyse their impact on these critical aspects of Saudi Arabia's financial landscape.
2 min read | 19 Jun 2023
Staying Compliant with Saudi Arabia's Anti-Money Laundering and Counter-Terrorism Financing Regulations A Guide for Businesses and CFOs
Saudi Arabia has made significant efforts to combat money laundering and terrorism financing within its borders. The kingdom has implemented robust Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations to achieve this. Compliance with these regulations is essential for businesses operating in Saudi Arabia to maintain integrity, trust and avoid legal consequences. This article will delve into the details of Saudi Arabia's AML and CTF regulations, highlighting what they cover and outlining the necessary steps for businesses and CFOs to stay compliant.
3 min read | 18 Jun 2023
Blog Unleashing the Power of PDPL with CFOs at the Helm
The Personal Data Protection Law (PDPL) has emerged as crucial legislation worldwide, aiming to safeguard individuals’ data in an increasingly digitalised era. The PDPL was enacted in Saudi Arabia to establish a legal framework for protecting personal data. The law applies to the public and private sectors and imposes obligations on organisations handling personal data. It aligns with international standards and best practices, ensuring the privacy and security of individual personal information.
Imad Adileh
Imad Adileh
| 4 min read | 17 May 2023
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