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Saudi Arabia has the largest economy in the Arab League and the 19th largest in the world. However, reliance on oil revenues has made the Saudi economy vulnerable to fluctuations in global energy prices.

The last quarter of 2021 was a record-breaking one for Saudi Arabia as the country saw a 400% increase in foreign investment licence issuance compared to the same quarter of the previous year. Most of this investment was in the technology sector, with start-ups and SMEs seeing substantial growth.

From liquidity to debt and restructuring, we address the diverse and complex challenges faced by airlines, leasing companies and aircraft funds in particular. We also consider implications for employers and how financial planning for the medium and long term will be affected.

The International Accounting Standards Board (IASB) has issued ‘ Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12). The amendments require an entity to recognise deferred tax on certain transactions ( eg leases and decommissioning liabilities) that give rise to equal amounts of taxable and deductible temporary differences on initial recognition.

Rethinking Resilience in Recovery

Summary to IFRS 17 and IFRS 4 amendments

Doing business in Saudi Arabia guide

Impairment of intangible assets and goodwill

The International Accounting Standards Board (IASB) has issued a collection of narrow scope amendments to IFRS Standards.

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 2020'.

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.

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.

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.

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.