Communications, Space and Technology Commission launches an awareness campaign to introduce the "Afaq" guide on software capitalization and development

The Communications, Space and Technology Commission launched an awareness campaign to introduce the "Afaq" guide on "software capitalization and development," which aims to equip technology companies in the Kingdom with knowledge of the future prospects for capitalizing intangible assets such as software and computer applications, by registering intangible assets such as software and computer applications as part of the capital, where counting them as part of capital will contribute to raising the company's financial value and enhancing its ability to grow and expand, in accordance with the regulations and standards applied in the Kingdom, which are compatible with the international standards issued by the International Financial Reporting Standards Foundation (IFRS) and the International Accounting Standards Board (IASB).

The Commission explained that the awareness campaign targets technology companies, technology business ventures, technicians, and programmers, in order to raise their awareness of the concept of capitalization, and reach a better valuation of companies in a way that positively reflects on the maturity of the information technology market, as software capitalization is expected to enhance the market value of companies, through registering and documenting intangible assets.

This campaign comes as part of the Commission's endeavor to enhance its role in regulating the technology sector, and developing the software market and industry in the Kingdom, and continuing to support and empower technology companies, so they have a competitive advantage, alongside enhancing their ability to obtain the necessary facilities and financing incentives for growth and expansion, in addition to maximizing the benefit of listing on the financial market.

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