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

• The improvement made to International Financial Reporting Standard (IFRS) No. 1 "First-time Adoption of International Financial Reporting Standards," which includes an additional option for measuring accumulated translation differences for first-time adopters of the standards.
• The improvement made to International Financial Reporting Standard (IFRS) No. 9 "Financial Instruments" involves adding application 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 (IAS) No. 41 "Agriculture" relates to amounts included in cash flows for the purpose of measuring fair value.
• Amendments to International Accounting Standard (IAS) 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 (IAS) 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 (IFRS) 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.