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Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRS Accounting Standards in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies, focusing on the accounting for the holder.

2024 saw yet more turbulence and change around the world and in the markets where our member firms operate, from the ongoing war in Ukraine and the conflict in the Middle East to volatile economic markets and the explosion of AI.

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 2025 is no different.

On 26 September 2025, ZATCA announced the 24th wave of taxpayers required to implement phase 2 of e-invoicing integration. This wave extends the obligation to taxpayers whose taxable revenues exceeded SAR 375,000 during the years 2022, 2023, or 2024.

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.

Across the world, tax administrations have long recognised that compliance is not only about enforcement. It is also about providing pathways for taxpayers to voluntarily come forward, settle their obligations, and restore their standing within the system. Tax amnesty programs and voluntary disclosure initiatives have emerged as strategic policy tools that balance the needs of governments with the realities facing businesses and individuals. They do more than recover overdue revenues; they promote transparency, maintain economic stability, and foster long-term trust between taxpayers and regulators.

In today’s dynamic economic environment, accurately valuing businesses and assets has become more critical and more complex than ever. Within the Kingdom of Saudi Arabia, rapid economic transformation, increased M&A activity, evolving regulation, and global market fluctuations are redefining traditional valuation benchmarks. Volatility, whether triggered by shifts in oil prices, regional developments, or broader geopolitical risks, requires a more thoughtful and adaptable approach to ensure that fair value remains both reliable and defensible.

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.

As Saudi Arabia advances its transformation agenda, foreign investment continues to flow into key sectors, fuelling infrastructure projects and expanding industrial capacity. With this momentum, however, comes greater scrutiny of international trade practices, particularly in relation to pricing strategies and the protection of domestic industries.

Saudi Arabia’s ambitious transformation under Vision 2030 has placed local content at the centre of national policy. As part of a broader strategy to diversify the economy, reduce dependency on oil, and build domestic capabilities, the government has significantly expanded its localisation agenda. This shift has profound implications for businesses, especially those seeking to engage in public sector procurement. Today, compliance with local content requirements is not only mandatory, it is a core component of competitiveness and a gateway to long-term opportunity.

Saudi Arabia is undergoing a historic transformation under Vision 2030, with a clear focus on reducing reliance on oil, diversifying the economy, and driving long-term sustainable development. Central to this transformation is the concept of local content, a strategic priority gaining momentum across industries. Although widely cited in policies and procurement regulations, the concept is still often misunderstood by businesses navigating the Saudi market.

In Saudi Arabia’s rapidly evolving business environment, local content has become a strategic national priority closely aligned with the Kingdom’s Vision 2030 goals. From procurement policies to licensing conditions and investment incentives, local content is now a core consideration for organisations operating in the Kingdom. Yet the real challenge lies not only in achieving regulatory compliance, but in designing a strategy that delivers enduring value and supports sustainable business growth.

As Saudi Arabia advances its economic transformation under the Vision 2030 framework, local content has become a national priority, integrated into procurement policies, investment strategies, and industrial development programmes. To support this policy direction, the Kingdom has introduced a formal Local Content Certification mechanism. This framework enables companies to demonstrate their contribution to the local economy through sourcing, employment, and investment.

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.

Saudi Arabia’s healthcare sector is changing faster than ever. With Vision 2030 as the driving force, the Kingdom is moving toward a more digital, integrated, and private-sector-led healthcare system. This shift is not just about technology or investment; it’s about reshaping how care is delivered, how outcomes are measured, and how patients interact with the system.