IFAC: Saudi Companies Post Strongest Growth in Sustainability Disclosures
A recent study by the International Federation of Accountants (IFAC) covering 22 economies, including G20 countries, found that Saudi companies led the economies covered in the study in the growth of sustainability disclosures.
This progress reflects growing interest among Saudi companies in transparency and non-financial disclosures, strengthening investors' and stakeholders' ability to assess business opportunities and risks and make economic and investment decisions based on more comprehensive information about companies' performance and future prospects.
The Saudi Organization for Chartered and Professional Accountants (SOCPA) translated the International Sustainability Standards Board's sustainability disclosure standards, IFRS S1 and IFRS S2, into Arabic. The initiative received international recognition, with the United Nations, represented by the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), awarding SOCPA the ISAR Honours 2025 in recognition of its contribution to making these standards available in Arabic, as well as its role in disseminating professional knowledge and enhancing transparency and the quality of financial and non-financial reporting.
These steps build on SOCPA's efforts to adopt international standards for financial reporting, auditing, quality management, and professional conduct and ethics. IFAC previously highlighted Saudi Arabia's distinction as the only country in the Middle East, and one of a limited number of countries worldwide, to have fully met the requirements to adopt the international framework of professional standards. This reflects the advancement of Saudi Arabia's professional environment and its alignment with international practices.
