VAT in Saudi Arabia

In addition to the valuation opportunities, streamlined processes and reporting can be introduced, saving costs and improving the accuracy and speed of the financial reporting processes giving
management better information for decision making purposes.Omar Al Sagga indicates that entities are seeing that the adoption of IFRS enables complex groups to standardise both policies and procedures across operations, including those of internationally located subsidiaries where IFRS is often an allowed reporting framework.

IFRS is being seen as a conduit for not only improving the quality of financial reporting but also as a tool for saving costs and improving performance.

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