At the beginning of 2011, the Kingdom of Saudi Arabia began the procedures for the transition from
Question:
At the beginning of 2011, the Kingdom of Saudi Arabia began the procedures for the transition from the application of Saudi accounting standards to the application of International Financial Reporting Standards (IFRS), as it began to be applied at the beginning of 2017 for companies listed in the Saudi financial market, and at the beginning of 2018 for other companies. You are required to assist a Saudi company in the transformation process by answering the following questions:1- He gave three reasons that motivate the Saudi company to move to the application of international standards for preparing financial reports.2- He gave three obstacles that a Saudi company might encounter in the process of transitioning from Saudi accounting standards to international standards for preparing financial reports.3- If the Saudi company wishes to move from applying Saudi accounting standards to applying international standards for preparing financial reports on 1/1/2017, what is the transitional date for this company? Explain your answer.
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson