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In 2023, the International Sustainability Standards Board (ISSB) issued its first two international IFRS Sustainability Disclosure Standards (IFRS SDS), IFRS S1 ‘General Requirements for Disclosure of Sustainability-related Financial Information’ and IFRS S2 ‘Climate-related Disclosures’.

Revenue recognition is fundamental in all businesses, and it is important that it is recognised in a consistent and comparable way across industries and capital markets.

The government of the United States of America (US) has announced a series of changes in their economic and policy priorities. These include changes to import tariffs targeting major trading partners and the suspension of foreign development assistance.

The International Accounting Standards Board (IASB) has introduced IFRS 19, a standard designed to simplify financial reporting for subsidiaries that do not have public accountability. The standard, which becomes effective for reporting periods beginning on or after 1 January 2027, with early adoption permitted, represents a significant step forward in reducing the reporting burden while maintaining consistency with full IFRS.

Although known for some time now, however, a refresher could be imperative as the Kingdom of Saudi Arabia further advances its Vision 2030 transformation. Multinational enterprises operating in the country must carefully navigate a dual fiscal framework that includes both religious and statutory obligations.

As the Kingdom of Saudi Arabia continues its ambitious economic transformation under Vision 2030, corporate tax has become a central focus for finance leaders operating in the region. The shifting regulatory landscape, increasing enforcement activity, and heightened transparency expectations mean that Chief Financial Officers must remain fully informed and proactive in managing their tax responsibilities. This article outlines the key areas every CFO should understand to navigate the current tax environment in KSA effectively and strategically.

As international trade accelerates and foreign direct investment continues to shape Saudi Arabia’s economic landscape, cross-border transactions are becoming a core element of business operations. Whether involving the payment of royalties, interest, technical service fees, or dividends to foreign entities, one area that consistently demands attention is withholding tax. For businesses operating in or transacting with Saudi-based entities, understanding and managing withholding tax is essential for maintaining compliance, managing costs, and safeguarding transaction efficiency.

Across today’s capital markets, from Riyadh to London, confidence in audit remains a critical foundation of effective governance and long-term value creation. Yet the growing gap between what stakeholders expect from audit and what is typically delivered has created a tension point that boards and executive teams can no longer ignore.

The audit profession in the Kingdom of Saudi Arabia is entering a new era of transformation. Shaped by evolving regulations, technological innovation, and shifting stakeholder priorities, assurance is no longer confined to historical compliance. Instead, it has become a strategic function that supports transparency, strengthens governance, and builds investor confidence. As the Kingdom advances its economic diversification goals under Vision 2030, the relevance and resilience of the audit function are more crucial than ever.

The International Monetary Fund’s (IMF) April 2025 World Economic Outlook (WEO) has provided updated inflationary assessments impacting financial reporting under IFRS. Based on this latest guidance, certain countries continue to be classified as hyperinflationary as at 30 June 2025, which triggers the application of IAS 29: Financial Reporting in Hyperinflationary Economies.

Artificial Intelligence is no longer a future concept in Saudi Arabia. It is a present-day force that is actively shaping the country’s economy, society and government.

Mergers and acquisitions (business combinations) can have a fundamental impact on the acquirer’s operations, resources and strategies. For most entities such transactions are infrequent, and each is unique. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which can be challenging in practice.

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.

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.