To/ Chartered Accountants
Asharqia Chamber presents you with its best greetings and would like to inform you of the letter of the Council of Saudi Chambers No. (2301) dated 16/9/1440, which referred to the letter of the Saudi Organization for Certified Public Accountants No. (2019/23153) dated (9/9/1440) on the adoption of the International Financial Reporting Standard No. 17 "Insurance Contracts" and IFRIC 23 "Uncertainty surrounding the income tax treatment" in accordance with the procedures adopted by the Saudi Organization for Certified Public Accountants after studying the legal, regulatory and technical aspects and the involvement of the community groups in the discussion of these issues by holding a round table of people of interest and competence, and the publication of the recommendations of the Accounting Standards Committee on the website of the Commission and receive public comments thereon.
You can see the updated Accounting Standards Adoption Document, which included the decision to adopt each standard individually and additions (if any) which it is a part of the application of international standards in the Kingdom requirements.
It is noteworthy that this document and standards published on the Commission website on the following link: https://bit.ly/2JshSTj.