The Saudi Organization for Chartered and Professional Accountants (SOCPA) participated in the third meeting of the Sustainability Standards Advisory Forum (SSAF) held on October 23, 2023, in Frankfurt, Germany. SOCPA was represented by Dr. Wafa Al-Nasrallah, a member of the SOCPA Accounting Standards Board.
The meeting discussed key developments following the issuance of IFRS Sustainability Disclosure Standards 1 and 2, the international interest in these standards, and the potential for aligning them with sustainability standards adopted in other countries. The meeting also covered the ISSB's future work plan, including the development of implementation guidelines and the creation of a digital taxonomy for disclosed information. Dr. Al-Nasrallah highlighted that SOCPA is leading a regional partnership for Gulf and Arab countries to work on sustainability reporting.  Additionally, she mentioned that SOCPA is discussing a project with the ISSB to translate the IFRS Sustainability Disclosure Standards into Arabic.
For more details, you can view the working papers presented during the meeting by clicking here.