IFRS Accounting Services Saudi Arabia
IFRS-compliant financial statements and accounting advisory for Saudi businesses — first-time adoption, complex standards, and ongoing IFRS technical support.
Saudi Arabia mandated the adoption of IFRS (International Financial Reporting Standards) for most commercial entities — listed companies from 2017, and most other entities in subsequent years. IFRS is significantly more complex than the previous Saudi GAAP, introducing new standards on revenue recognition, lease accounting, financial instruments, and impairment that require specialist expertise to apply correctly.
Intelli Solutions provides full-scope IFRS accounting services for Saudi businesses — from preparing annual IFRS-compliant financial statements and navigating complex accounting judgements to first-time IFRS adoption projects and training your finance team on the standards that affect your business most. Our IFRS team holds ACCA, ACA, and CPA qualifications with specific IFRS technical training updated annually.
Key IFRS Standards in Saudi Arabia
IFRS 15 — Revenue Recognition
Critical for real estate developers, contractors, and subscription businesses. Five-step model determines when and how much revenue to recognise — particularly challenging for long-term contracts and multiple-element arrangements.
IFRS 16 — Leases
Right-of-use assets and lease liabilities on the balance sheet for all leases over 12 months. Significant impact on retail, hospitality, and office-intensive businesses — with EBITDA and leverage ratio effects.
IFRS 9 — Financial Instruments
Expected Credit Loss (ECL) model for receivables and financial assets. Particularly impactful for businesses with large debtor books, intercompany lending, or investments in financial instruments.
IAS 36 — Impairment
Annual impairment testing for goodwill and intangible assets with indefinite useful lives. Also triggered for other assets when impairment indicators exist — requires detailed value-in-use or fair value modelling.
IAS 21 — Foreign Exchange
Translation of foreign currency transactions and balances, functional currency determination, and translation of foreign operations — relevant for Saudi businesses with USD-denominated contracts or overseas subsidiaries.
IAS 19 — Employee Benefits
EOSB provision calculation under IAS 19 requires actuarial assumptions (discount rate, salary growth, employee turnover) — particularly important for companies with large Saudi national workforces.
First-Time IFRS Adoption in Saudi Arabia
Opening Balance Sheet
Prepare the IFRS opening balance sheet at the transition date — identifying all assets and liabilities that must be recognised or derecognised under IFRS compared to previous Saudi GAAP.
Accounting Policy Selection
Determine and document IFRS accounting policies — including available first-time adoption exemptions that can simplify the transition (IFRS 1 optional exemptions).
Restatement of Comparatives
Restate the prior year financial statements on an IFRS basis to provide comparative information required for the first IFRS annual report.
Disclosure Preparation
Prepare all IFRS disclosure notes — accounting policies, estimates and judgements, and specific standard disclosures — ensuring completeness against the disclosure checklist.
Audit Coordination
Work with your SOCPA external auditor to support the first-year IFRS audit — providing accounting analyses, technical memos, and management representations as required.
IFRS Accounting Services Saudi Arabia — Key Facts
Frequently Asked Questions
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Need IFRS Expertise for Your Saudi Company?
ACCA/ACA-qualified IFRS team with deep Saudi market knowledge. First IFRS consultation free.