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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.

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.

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.

On Friday, 26th July 2024, ZATCA announced, through Umm Al Qura issue No. 5040, the 14th wave of taxpayers required to implement Phase 2 of e-invoicing integration. This phase now encompasses taxpayers whose taxable revenues exceeded SAR 5.00 million in 2022 or 2023.

On 9 April 2024 the International Accounting Standards Board (IASB) published a new standard, its first since 2017. The new standard, IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (the Standard) replaces IAS 1 ‘Presentation of Financial Statements’ and will impact every reporting entity that currently uses International Financial Reporting Standards (IFRS).

This year has brought significant updates to the International Financial Reporting Standards, addressing various global economic challenges. From amendments in response to hyperinflation in specific countries to changes enhancing the transparency of supplier finance arrangements, these updates are crucial for maintaining compliance and accuracy in financial reporting.