In preparation for IFRS adoption in the Kingdom of Saudi Arabia from 2017, the Saudi Organization for Certified Public Accountants (SOCPA) has approved an IFRS transition plan for developing “national standards that are closely converged with full IFRSs”. According to the plan, the SOCPA has now reviewed another twelve IASB pronouncements (including the financial instruments standards) plus the corresponding sections of the IFRS for SMEs.