Riyadh:A recent study conducted by the International Federation of Accountants (IFAC) has found that Saudi companies are at the forefront of sustainability disclosure growth among the 22 economies surveyed, which include G20 countries.
According to Saudi Press Agency, this development indicates a growing interest among Saudi companies in enhancing transparency and non-financial disclosures. Such advancements strengthen the ability of investors and stakeholders to evaluate business opportunities and risks, enabling more informed economic and investment decisions based on a comprehensive understanding of the companies' performance and future prospects.
The Saudi Organization for Chartered and Professional Accountants (SOCPA) has played a significant role in this progress by translating the International Sustainability Standards Board's disclosure standards, IFRS S1 and IFRS S2, into Arabic. This initiative has gained international acclaim, with the United Nations, through the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), awarding SOCPA the ISAR Honours 2025 for its contributions to making these standards accessible in Arabic and for enhancing transparency and the quality of both financial and non-financial reporting.
These efforts are part of SOCPA's broader strategy to adopt international standards for financial reporting, auditing, quality management, and professional conduct and ethics. IFAC has previously noted Saudi Arabia's unique position as the only Middle Eastern country, and among a few worldwide, to have fully implemented the international framework of professional standards. This underscores the advancement of Saudi Arabia's professional environment and its alignment with global practices.