'Commission' Holds a Workshop on Software Capitalization and Development in Cooperation with the 'Saudi Organization for Certified Public Accountants' and the 'Federation of Saudi Chambers'

The Communications and Information Technology Commission held, in cooperation with the Saudi Organization for Certified Public Accountants, and the Federation of Saudi Chambers represented by the National Committee for Information and Communication Technology, an interactive workshop for technology companies on software capitalization and development.

The workshop was opened by His Excellency the Vice Governor of the Communications and Information Technology Commission for Information Technology and Emerging Technologies, Eng. Raed Al-Fayez, who affirmed the importance of this workshop in introducing technology companies to tools for proving intangible assets, and enabling technology companies in the Kingdom to account for their technical products, such as electronic applications and computer software, within the company's capital. Eng. Al-Fayez also pointed to the positive effects resulting from software capitalization, including enhancing competitiveness, and contributing to the company's growth and expansion, in addition to future economic benefits.

His Excellency the Secretary-General of the Saudi Organization for Certified Public Accountants, Dr. Ahmed Al-Meghames, participated with a speech in which he affirmed the Organization's pursuit of cooperation with relevant entities to hold such events, which contribute to exchanging expertise and informing technology companies of the latest developments in accounting and financial fields, in a way that contributes to developing aspects related to accounting and financial fields.

During the workshop, the accounting standards for software products were introduced, in addition to clarifying the requirements for proving them, and ways to support technology companies during the research and development phase for software assets. The workshop concluded by taking questions from attendees and discussing the challenges and opportunities related to this field.

It should be noted that this workshop comes to reinforce the role of the Communications and Information Technology Commission in regulating the information technology sector, and to enable and enhance the development of the software market and industry in the Kingdom, contributing to the progress and prosperity and supporting the wheel of digital transformation for all sectors and industries in our beloved Kingdom, while supporting the achievement of Saudi Vision 2030, God willing.