accounting - MarcoPolis Your local business media with a global reach Tue, 12 Jan 2016 11:42:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 SOCPA: Main objective is to apply IFRS by the end of 2016 in Saudi Arabia /socpa-main-objective-is-to-apply-ifrs-by-the-end-of-2016-in-saudi-arabia.htm Tue, 12 Jan 2016 11:42:15 +0000 /socpa-main-objective-is-to-apply-ifrs-by-the-end-of-2016-in-saudi-arabia.htm The GAAP is based on rules but the IFRS is based on principles. The two systems have major differences. Since the IFRS is now becoming accepted in more than 120 countries, Saudi Arabia has decided to move towards the International Financial Reporting Standards in order to be compatible with other countries worldwide.

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