Throughout 2020, the Saudi Organization for Chartered and Professional Accountants (SOCPA) represented by the committee of accounting standards, has adopted several amendments made by the International Accounting Standards Board (IASB) to the International Financial Reporting Standards (IFRS). These amendments came as a response to the changes and developments in the work space.
SOCPA has translated and adopted the amendments, and published them on its website.
To view the amendment, click here.
The following table contains a summary of the amendments made during 2020 and the effective date of each one of them:
| Amendment |
Release date |
Effective Date
(Early application is allowed unless otherwise stated) |
Amended Standards |
| Classification of liabilities as current or non-current(A) |
January 2020 |
January 1, 2023 |
IAS 1 |
| Annual Improvements to IFRSs 2018-2020 Cycle |
May 2020 |
Effective immediately |
IFRS 16 |
| Annual Improvements to IFRSs 2018-2020 Cycle |
May 2020 |
January 1, 2023 |
IFRS 1, 9; IAS 41 |
| Fee reductions related to COVID-19 |
May 2020 |
June 1, 2020 |
IFRS 16 |
| Reference to the conceptual framework |
May 2020 |
January 1, 2023 |
IFRS 3 |
| Onerous Contracts—Cost of Fulfilling a Contract |
May 2020 |
January 1, 2023 |
IAS 37 |
| Property, Plant and Equipment: Proceeds before Intended Use |
May 2020 |
January 1, 2023 |
IAS 16 |
| Extension of temporary exemption from the application of IAS 9 |
June 2020 |
June 25, 2022 |
IFRS 4 |
| Amendments to the International Financial Reporting Standard 17 |
June 2020 |
January 1, 2023 |
IFRS 3, 7, 9 and 17; IAS 1, 32, 36 and 38 |
| Classification of liabilities as current or non-current – deferred effective date |
July 2020 |
January 1, 2023 |
IAS 1 |
| Replacement of Reference Interest Rate - Phase Two |
August 2020 |
January 1, 2021 |
IFRS 4, 7, 9, 16; IAS 39 |
A) in July 2020, the effective date of this amendment was deferred to 1 January 2023
As part of its efforts to support the implementation of International Financial Reporting Standards in the kingdom, SOCPA has released the updated full version of the approved standards for 2021 and made them available on its website.
For the full updated version of the IFRS 2021
Click here.
* In accordance with the agreement on the use of international standards signed between SOCPA and the IFRS Foundation, registration is required to SOCPA's e-services for access to the content of these pages.