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In 2013, SOCPA approved an IFRS convergence plan by which listed entities other than banks and insurance companies would be required to report under SOCPA standards from January 1, 2017 and SMEs’ by January 01,2018, that will be IFRSs with some modifications – “IFRS as adopted in Saudi Arabia”.
It is my pleasure to provide feedback on Hyphen Consultancy performance to-date on the IFRS conversion for Binzagr Co. In perspective, we had selected Hyphen and awarded them the IFRS conversion task from a choice of 5 leading contenders including big name Consultancies. However we opted for Hyphen because of their promise to head the task with their experienced consultants and close supervision and involvement of Faheem Piracha, the head of Hyphen Consultancy. While the task is spread over three phases including opening balances of 2017, then 2017 year end comparatives, and review of 2018 and the project is still ongoing, we have noted that Hyphen is delivering as promised. The team is dedicated, is collaborative and delivers beyond the content of deliverables in the signed agreement. I have no hesitation in recommending their professionalism, timing and delivery to another organization for similar services.
I had the opportunity to work with Faheem on a special review assignment of SOCPA related to telecom sector. I must say that Faheem had an in depth knowledge about his work and contributed immensely towards the success of that project.