An Invitation to Share Opinions on FRS Drafts for Entities Entering Bankruptcy Procedures

An Invitation to Share Opinions on FRS Drafts for Entities Entering Bankruptcy Procedures

The Saudi Organization for Chartered and Professional Accountants represented by the Accounting Standards Committee is currently working to provide adequate accounting requirements for the financial report of the entity that enters into bankruptcy procedures according to the bankruptcy law, judicial or voluntary liquidation. According to the procedures adopted by the SOCPA related to the new pronouncements, that these pronouncements are published to the general public, so you will find the draft financial report standard during bankruptcy procedures (preventive settlement or financial reorganization), as well as the draft standard for preparing financial statements on the basis of liquidation: principles and evidentiary requirements measurement, presentation and disclosure, after the Accounting Standards Committee took all necessary due processes to prepare those standards, including preparing the necessary technical studies, and discussing draft standards with elite interested parties and representatives of supervisory authorities. The Accounting Standards Committee hopes that contributions be made to this national work by presenting your point of view on these pronouncements referred to above and using the form prepared for that, by clicking here.