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.
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.
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.
Research shows that R&D investment is a priority for businesses growing internationally – so how might R&D support your business’s overseas expansion?
Investment in research and development (R&D) is a critical factor for growth and innovation in the global mid-market, according to Grant Thornton’s International Business Report (IBR). Our latest research, among nearly 5,000 business leaders in 30+ economies, shows R&D investment expectations at a record high as firms focus their investments on quality rather than quantity.
IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.
For many businesses around the globe the role of strong governance is associated with compliance. It’s seen as a box ticking exercise to be endured ahead of the annual report; costing time and resource but delivering little value. It’s a common point of view. It’s also wrong.
Businesses of all shapes and sizes are trying to carve out a competitive advantage by leveraging digital information. The most cutting-edge companies harness customer preference data for a range of reasons, including to create personalised services and targeted marketing campaigns; to scrutinise employee performance data to drive productivity; and to analyse supply chain information to drive efficiencies. And that’s just the tip of the iceberg, with digitised data embedded across business practices.
Digital risk. Recommendations for balanced cyber risk management.
IFRS 16 requires lessees and lessors to provide information about leasing activities within their financial statements. The Standard explains how this information should be presented on the face of the statements and what disclosures are required. In this article we identify the requirements and provide a series of examples illustrating one possible way the note disclosures might be presented.
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) with the potential to significantly impact the presentation of a complete set of financial statements.
Global business is facing a wave of disruptive influences that look set to spark the Fourth Industrial Revolution. We explore how the way professionals work is evolving, the leadership skills that will be needed within the dynamic mid-market to thrive, and how organisations can stay competitive in the war for talent and customers in 2030.
IFRS news is your quarterly update on things relating to International Financial Reporting Standards (IFRS). We’ll bring you up to speed on topical issues and significant developments, provide comments and give our point of view.
The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2019'.
Technology companies are now more vulnerable to cyber attacks and customer data breaches than ever before and must adopt a new approach to digital risk. See our five recommendations for building and maintaining digital trust.
In 2019, our Women in business campaign focuses on the real world and seeking solutions to leadership diversity. What is holding back women in leadership? How can we put in place a blueprint for action?
In January 2016, the International Accounting Standards Board (IASB) issued IFRS 16 Leasing, which represents the first major overhaul in lease accounting for over 30 years, we summarize key areas.
Our IFRS 16 - Lease payments article aims to help you judge which payments needs to be recognised when measuring liability
IFRS 16 makes significant changes to sale and leaseback accounting. Our article provides insight on sale and leaseback transactions when transitioning to IFRS 16