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This publication is designed to give preparers and reviewers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

The new leases standard, IFRS 16, brings with it both greater transparency and a number of challenges for businesses. It requires companies to bring all operating leases on to the balance sheet for accounting periods starting on or after 1 January 2019, those still getting to grips with IFRS 16 need to act quickly to ensure compliance.

2022 saw profound changes in the world including Russia’s invasion of Ukraine, with its resulting energy crisis and the downgrade of global growth projections. I found myself increasingly proud of the collective resilience shown by Grant Thornton member firms, as they responded to these unique challenges while continuing to support their people and clients.

India and Saudi Arabia are uniquely positioned to collaborate and create a powerful start-up ecosystem due to their respective economic growth, demographic profiles, and strategic priorities. Both countries have firmly committed to fostering innovation and entrepreneurship, making them ideal partners in the global start-up landscape. Their convergence presents a unique opportunity for both countries to leverage each other’s strengths, foster innovation, and accelerate economic transformation.

The CII-Grant Thornton Bharat report, ‘Unlocking opportunities: India-Saudi Arabia start-up ecosystem convergence’, serves as a comprehensive guide, highlighting the recent collaboration between India and the Kingdom of Saudi Arabia in the start-up landscape. The report uncovers vast opportunities within the start-up ecosystem convergence and provides essential recommendations for investors, start-ups and policymakers to enhance and streamline this promising partnership.

With share-based payments becoming increasingly popular over the years with many entities, this article discusses the accounting for equity-settled share-based payment transactions with employees.

This article discusses the basic principles that apply to both equity-settled and cash-settled share-based payment transactions with employees or others providing similar services.

In April 2024, the International Accounting Standards Board (IASB) introduced IFRS 18: Presentation and Disclosure in Financial Statements, marking a significant shift from IAS 1. Effective for annual reporting periods starting 1 January 2027, IFRS 18 requires mandatory retrospective application, emphasising early preparation to ensure a seamless transition. We share below a high-level summary of the changes introduced, along with a detailed guide for your reference.

In recent years, the Kingdom of Saudi Arabia (KSA) has embarked on a transformative journey to diversify its economy, reducing its dependence on oil revenues. With Vision 2030 as a guiding framework, the nation actively explores opportunities across various non-oil sectors, such as technology, tourism, and logistics. Tax policies and incentives are central to this ambitious agenda, and they are increasingly seen as pivotal tools for stimulating growth and attracting investment in these emerging sectors. This article examines how the Kingdom's tax landscape is evolving to support its non-oil economy and unlock opportunities for domestic and foreign investors.

Saudi Arabia continues to attract global investors with its robust Vision 2030 reforms, economic diversification, and fast-evolving market dynamics. Mergers and acquisitions (M&A) in the Kingdom are expected to gain further momentum, driven by public and private sector initiatives, foreign direct investment, and liberalised regulations. However, successful transactions in Saudi Arabia require meticulous planning, especially regarding due diligence and transaction advisory.

Companies continuously explore ways to enhance their operational efficiency and compliance in today's dynamic business environment. One strategic approach that has gained momentum in Saudi Arabia (KSA) is outsourcing financial functions, including finance, accounting, and audit services. This growing trend is reshaping how businesses manage their internal processes and providing critical advantages for companies aiming to stay competitive and compliant with ever-evolving regulatory requirements.

Saudi Arabia's capital market is witnessing robust growth, driven by the nation’s economic diversification agenda, Vision 2030, and an increased focus on enhancing capital market accessibility. Companies looking to go public through an Initial Public Offering (IPO) stand to benefit from this buoyant environment. However, maximising IPO success requires meticulous planning, strategic decision-making, and a keen understanding of market dynamics. By adopting a comprehensive approach to IPO readiness, businesses can unlock significant value and capitalise on the opportunities in Saudi Arabia’s burgeoning capital market.

Mergers and acquisitions (M&A) are becoming an increasingly important strategy for family-owned businesses in Saudi Arabia. With the kingdom's ambitious Vision 2030 initiative driving economic diversification, family businesses have opportunities to expand their market footprint through strategic M&A. However, for family enterprises, these transactions come with unique challenges that must be carefully navigated to ensure long-term success.

Environmental, Social, and Governance (ESG) principles have emerged as essential drivers of sustainable growth in the rapidly evolving global business landscape. In Saudi Arabia, this shift is notably aligned with the ambitious Vision 2030 programme, which seeks to diversify the economy, attract foreign investment, and foster sustainable development. By incorporating ESG principles, businesses in the Kingdom enhance their corporate governance frameworks, improve operational efficiency, and build long-term resilience. This article explores how Saudi businesses can leverage ESG factors to drive performance and remain competitive in an increasingly sustainability-conscious world.

As Saudi Arabia accelerates its digital transformation under the ambitious Vision 2030 initiative, robust cybersecurity measures have never been more critical. The Kingdom’s push towards a knowledge-based, tech-driven economy has opened doors to new opportunities. Still, it has also introduced a range of cybersecurity threats that could compromise sensitive data, business operations, and national security. This article explores the emerging cybersecurity risks in Saudi Arabia’s expanding digital economy and how businesses can safeguard their digital assets proactively.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2024 is no different.