SOCPA draws the attention of the IASB to errors in the English version of the International Financial Reporting Standards (IFRS) 2021, and the IASB corrects these errors.
The International Accounting Standards Board (IASB) issued a correction to several errors that were found in the English version of the International Financial Reporting Standards (IFRS) 2021.
These errors were mainly concentrated in IFRS 9.
The source of these errors was the inconsistency of the version of the standard with consequential amendments made to it in 2020 because of the amendment of IFRS 17.
It is worth mentioning that the Saudi Organization for Chartered and Professional Accountants (SOCPA) represented by the Standards Department, is the one that drew the attention of IASB to these errors. The errors were discovered during the organization's translation of the 2021 version of IFRS, which was the result of a contract concluded between the two parties in 2016 giving SOCPA the right to translate the standards.
To see the corrections, click here.