1. Prologue

In the light of an ever-increasing number of International Accounting Bodies moving towards streamlining their financial reporting methodologies by adopting the International Financial Reporting Standards (IFRS), there have been some recent developments regarding financial reporting guidelines in Kingdom of Saudi Arabia (KSA) as well which signals a significant shift in national-wide acceptance of the IFRS. As a prominent accounting and financial services provider in KSA market, our firm i.e., INSIGHTS is proactively embracing this opportunity to provide high-quality IFRS assistance to its prospective clients which are either;
 Newly incorporated businesses; or
 Organizations considering a move to being listed on stock exchange; or
 Existing compliants of IFRS who are considering implementing the proposed changes in existing IFRSs; or
 First Time Adopters of IFRS that previously had been following reporting guidelines issued by ‘SOCPA’

2. Our Team

Maintaining high levels of ‘Professionalism’ and ‘Integrity’ are core principles of INSIGHTS. Therefore, we always look to have well-educated and professionally qualified individuals on board. Currently, the significant composition of our human capital consists of highly qualified professionals who are active members of internationally renowned professional accountancy bodies like CIMA, CGMA, CPA, ACCA and ICAP. One of the fundamental requirements of these accountancy bodies for its members is to keep their membership intact is the ‘Continuing Professional Development’ which subsequently ensures that all of our team members keep themselves up-to-date with the recent developments in the field of accountancy and financial reporting standards to be precise. Furthermore, from practical experience perspective, all of our team members have experience of working with the Big 4 Audit Firms which has enabled INSIGHTS to land professionals having pool of expertise with great diversity achieved from engagement with big multi-nationals.

3. Past Engagements

We have been working in KSA market for quite a long period of time and we have engaged with renowned organizations from public, private, manufacturing and services sectors which seek any assistance regarding IFRSs. We believe that we have evolved as such a firm that has mastered the art of providing every kind of assistance regarding the IFRSs to our respectable clients specifically for IFRS-9, IFRS-15 and IFRS-16. Our client portfolio testifies our success in this particular area of services we offer as a whole.
Our notable engagements have been with the companies operating in the following sectors:
 Cement Sector
 Healthcare Services Sector
 Mechanical & Industrial Engineering Sector
 Transportation Services Sector
 Manufacturing (Railways) Sector
 Insurance Services Sector
 Aviation Services Sector
4. Some Key Takeaways

We are confident that our expertise will help our clients which specifically are in pursuit of global expansion of their operations. We believe that our understanding, interpretations and advice on financial statements prepared according to IFRS will provide you a competitive edge against your rivals by enabling you to make well-informed key business decisions and also by enhancing the shareholders’ confidence in the reported financial figures which may subsequently enable you to raise capital on a global scale with much ease.

Apart from aforementioned generalized perks of engaging with INSIGHTS, you will be able to enjoy following benefits as well:
 Customized impact assessment of IFRS on your business
 Constructive assessment of assumptions made while making accounting estimates
 Practicable recommendations based on Gap Analysis for neutralizing flaws in Financial Reporting Cycle
 Effective communication and best assistance in change management initiatives at your organization
 Ensured compliance of proposed accounting policies and relevant disclosures as per IFRS requirements
 Improved forecasting and budgeting based on financial data that is as per IFRS requirements