At the beginning of 2011, the Kingdom of Saudi Arabia began the procedures for the transition from the application of national Saudi standards to the application of international standards for the preparation of financial reports, and SABIC is one of the largest companies in Saudi Arabia that seeks to implement international standards for the preparation of financial reports, and you are required to help the company in the transformation process By answering the following questions.

1- Give three reasons that push Saudi SABIC to move and apply international standards for the preparation of financial reports, while justifying each reason with a theoretical example that supports your answer (you can rely on the references available in the library or the Internet). (7 marks)

2- Give three obstacles that SABIC may face in the process of shifting from Saudi national standards to international standards for the preparation of financial reports, with justification for each reason with a theoretical example that supports your answer (you can rely on the references available in the library or the Internet). (7 marks)

3- If the Saudi SABIC company wants to move from applying Saudi accounting standards to applying international standards for financial reporting on 1/4/2023, what is the transitional date for the company? (4 marks)