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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.

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.

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.

Family businesses form the backbone of Saudi Arabia’s private economy, with Jeddah home to some of the Kingdom’s most established and diversified family enterprises. These companies are increasingly seeking external investment to fund growth, diversify portfolios, or prepare for public listings. In this environment, the role of a credible audit extends well beyond regulatory compliance. It becomes a key enabler of investor trust, demonstrating transparency, stability, and governance maturity.

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.

As the Kingdom of Saudi Arabia continues to transform its economy, regulatory expectations on corporate transparency and financial discipline have increased significantly. Within this evolving landscape, statutory audits are not merely a legal formality. They play a pivotal role in reinforcing trust, improving governance, and ensuring the integrity of financial reporting. Despite their growing importance, many organisations continue to treat audit as a reactive exercise. This often resulted in last minutes preparation, operational inefficiencies, and increased risk exposure, undermining the very objectives audits are meant to achieve. ,

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.

In today’s dynamic economic environment, the role of audit is undergoing a significant transformation. Once viewed primarily as a statutory requirement focused on compliance and historical accuracy, audit is now increasingly recognised as a tool for generating strategic insight. This shift is particularly relevant in Saudi Arabia, where the ambitions of Vision 2030 are driving wide-ranging reforms in corporate governance, economic diversification, and foreign investment.

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.

This year’s report calls for a decisive shift in approach, aligning with the International Women’s Day 2025 theme: "Accelerate Action." We can no longer afford to wait. The missed opportunities for businesses, economies, and the next generation of female leaders are too great. To remain competitive in a rapidly evolving business landscape, mid-market firms must take bold steps now—setting ambitious diversity targets, embedding gender equality into their strategic agendas, and fostering environments where women can thrive at all levels of leadership.

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.