SAMA has received a letter from the Saudi Organization for Certified Public Accountants regarding its approval of several periodic amendments and improvements made by the International Accounting Standards Board. These amendments include the following aspects:

• The improvement made to International Financial Reporting Standard (IFRS) No. (1) "Adoption of International Financial Reporting Standards, for the First time" which includes a facilitation for a subsidiary applying IFRS for the first time by providing it with an additional option to measure cumulative translation differences.
   
• The improvement made to International Financial Reporting Standard (IFRS) No. 9 "Financial Instruments" involves addition of practical guidance to clarify the fees included in the present value of the obligation under the new terms and how to account for costs and fees incurred when accounting for the exchange or modification of debt instruments as a derecognition of the obligation.
   
• The improvement made to International Accounting Standard No. (41) "Agriculture" relates to amounts included in cash flows for the purpose of measuring fair value.
   
• Amendments to International Accounting Standard No. (37) "Provisions, Contingent Liabilities, and Contingent Assets," which clarify the meaning of the cost of fulfilling a contract in the context of defining onerous contracts.
   
• Amendments to International Accounting Standard No. (16) "Property, Plant, and Equipment," which address the treatment of proceeds from the sale of products during the testing phase of an asset.
   
• Several amendments to International Financial Reporting Standard No. (3) "Business Combinations."

You can review the periodic improvements and amendments above by visiting the International Standards page on the website of the Saudi Organization for Certified Public Accountants.