Riyadh: The International Federation of Accountants (IFAC) announced its support for the initiative of the Saudi Organization for Chartered and Professional Accountants (SOCPA) to launch the International Accounting Knowledge Center in Riyadh as a hub for knowledge dissemination and the promotion of transparency and governance at regional and international levels.

According to Saudi Press Agency, the center aims to support the knowledge-based economy by providing a specialized platform for exchanging expertise, publishing studies and research, and developing professional competencies. This initiative seeks to transform accounting knowledge into an economic asset that enhances the Kingdom’s competitiveness and contributes to building a professional environment based on innovation, transparency, and sustainability.

The announcement coincided with the second day of the IFAC Connect Forum, hosted by the organization in Riyadh. The forum featured two main sessions that brought together more than 160 experts from professional, regulatory, academic, and government bodies to discuss the future of the profession and priorities for adopting international standards.