KPMG, a leading accounting and consulting firm in the Kingdom, recently held its second seminar on the international financial reporting standards for small-and medium-sized entities (the IFRS for SMEs) at the Hyatt Regency Hotel in Riyadh, seeking to ease the transition many companies are making to the newly required accounting standards.
“Entities in the Kingdom of Saudi Arabia who do not have public accountability have an important choice to make come Jan. 1, 2018 i.e. either to adopt full IFRS or the IFRS for SMEs. The IFRS for SMEs is a simplified and slimmed-down version of the full IFRS. It removes the more complex option in certain areas, has less extensive disclosure requirements and considers the balance between the cost and benefit to preparers,” said Mohammed Tareq, head of audit, KPMG.
KPMG experts employed their extensive international experience and insight in IFRS for SMEs explaining the accounting rules pertaining to key topics such as property, plant and equipment, intangible assets other than goodwill, leases, investment property, revenues, financial instruments and employee benefits. The experts were able to make important comparisons between the IFRS for SMEs and the generally accepted accounting standards issued by the Saudi Organization for Certified Public Accountants (SOCPA).
There are a variety of questions and matters to take into consideration when contemplating the adoption of the IFRS for SMEs. These include the definition of public accountability, advantages of adopting the IFRS for SMEs and differences between SOCPA and the IFRS for SMEs. The primary purpose of the seminar was to help provide detailed insights into that process.
“As the deadline for implementing the IFRS approaches, KPMG, by organizing such seminars aims at making accounting more transparent, strengthening its leading position as a principle provider of accounting and advisory services through international expertise and a dedicated local professional team with solid insight into the Saudi market,” the firm said.
KPMG holds seminar on implementing IFRS for SMEs in KSA
KPMG holds seminar on implementing IFRS for SMEs in KSA
Dammam Airports partners with KaarTech to transform IT services
Dammam Airports, a key player in Saudi Arabia’s aviation sector, has partnered with KaarTech to deliver end-to-end IT managed services across its airport network in the Eastern Province.
This milestone advances Saudi Arabia’s Vision 2030 and strengthens Dammam Airports’ commitment to delivering world-class travel experiences. The collaboration was inaugurated through an official signing ceremony attended by Mohammed Al-Hassany, CEO of Dammam Airports, and Shahinsha Abdul Basheer, CEO of KaarTech, signifying a shared commitment to shaping the future of Saudi Arabia’s aviation through innovation and intelligent technology.
Recognized as one of the world’s largest airports by land area, Dammam Airports connects more than 12 million passengers each year and plays a vital role in strengthening the Kingdom’s aviation growth. With this partnership, the company is set to transform its IT landscape into a secure, scalable, and intelligent environment that supports the complexities of modern airport operations.
KaarTech will manage the complete IT landscape across three airports, covering infrastructure, cloud, and network operations, along with 24/7 service management. This engagement also includes comprehensive application support beyond SAP, enriched with automation, proactive governance, and predictive intelligence. KaarTech will enable Dammam Airports to achieve resilience, efficiency, and long-term scalability through a comprehensive AI governance approach that embeds transparency, accountability, and innovation into every layer of IT operations, positioning the company as a trusted driver of aviation modernization.
This partnership aims to transform IT from a back-end function into an AI-enabled strategic driver of business performance and passenger experience. From ensuring business continuity and strengthening operational reliability to enabling connected, insight-driven airport services, the collaboration reflects a shared commitment to data-driven, intelligent, and sustainable aviation.
Through this engagement, KaarTech reaffirms its position as a trusted partner in AI-led enterprise transformation, delivering deep expertise in managing complex technology ecosystems with intelligence and precision. For Dammam Airports, the partnership represents a decisive step in aligning operational excellence with the national vision for innovation, digital connectivity, and long-term growth.
Together, the two organizations will drive smarter airport operations and deliver sustainable value for the Kingdom’s growing aviation ecosystem.
