Dear Esteemed Chamber Subscribers,
May the peace, mercy, and blessings of Allah be upon you.
Asharqia Chamber extends its warmest greetings to you and would like to inform you that it has received the letter of the Federation of Saudi Chambers No. (45543438/19), dated (22/7/1447 AH), which refers to the letter of the Saudi Organization for Chartered and Professional Accountants No. ( 000581), dated (16/7/1447 AH), which includes the adoption of the amendment to the International Accounting Standards, to International Accounting Standard No. (21), with consequential amendments to each of International Accounting Standard No. (29) and International Financial Reporting Standard No. ( 19 ). This amendment aims to address a deficiency in the Standard relating to translation procedures when the presentation currency of entities is the currency of a hyperinflationary economy, while the functional currency of the entity and the functional currency of the foreign operation are not the currency of a hyperinflationary economy. The amendment also provides requirements for when both the functional currency of the entity and the presentation currency are the currency of a hyperinflationary economy and it translates the results and financial position of a foreign operation whose functional currency is the currency of a non-hyperinflationary economy.
A copy of the amendments can be viewed through the following link: (http://go.ac.sa/adj).
Please accept our sincere regards and appreciation.