Prima Consulting, a leading provider of financial technology solutions in Pakistan, the Middle East, and the European market, has officially launched Version 2 of its IAS 19 valuation software, introducing significant improvements in speed, usability, and multi-language functionality to help organizations meet their employee benefits reporting obligations with greater accuracy and efficiency.
RIYADH, Saudi Arabia – September 28, 2025 – IAS 19, the international accounting standard issued by the International Accounting Standards Board (IASB), governs how organizations account for and disclose employee benefits.
These benefits range from short-term wages and bonuses to post-employment benefits like pensions and end-of-service gratuities.
For companies operating in Saudi Arabia and across the Gulf region, compliance with IAS 19 isn't optional. Listed companies in KSA must adhere to IFRS standards through SOCPA, while entities in the UAE, Qatar, Oman, Bahrain, Kuwait, and beyond face similar requirements.
The standard's importance stems from its direct impact on financial statements. Employee benefit obligations (particularly end-of-service benefits mandated under Saudi Labor Law and similar regulations throughout the region) must be calculated using actuarial assumptions including discount rates, salary growth projections, and mortality tables.
Misstatements in these calculations can lead to audit failures, regulatory scrutiny, and misrepresentation of a company's true financial position.
For large employers in banking, telecommunications, construction, and government sectors, these obligations represent material liabilities that investors and auditors examine closely.
Prima Consulting's IAS 19 valuation tool has become a trusted solution for organizations navigating the complexities of IAS 19 employee benefits reporting.
With over 100 clients spanning small and medium-sized businesses, large enterprises, and holding companies, the platform has proven its capability to handle employee benefit calculations for companies with thousands of employees across diverse industries.
The software's adoption throughout the Middle East reflects the region's growing emphasis on financial transparency and regulatory compliance.
Organizations rely on Prima Consulting's technology to ensure their employee benefit liabilities are accurately measured and reported in accordance with international standards, avoiding the risks associated with underreporting or miscalculation.
The launch of V2 represents a comprehensive upgrade built on direct feedback from Prima Consulting's client base and evolving market needs. Key improvements include:
The entire workflow has been redesigned to create a more intuitive experience.
Users can now navigate through the system with fewer clicks and clearer pathways, reducing training time and minimizing errors during data entry and valuation runs.
The visual design has been streamlined to prioritize clarity and efficiency.
Forms, dashboards, and reporting screens now present information in a cleaner, more accessible format that reduces cognitive load during complex actuarial calculations.
Recognizing the linguistic diversity of the region, V2 now supports multiple languages including Arabic.
Users can operate the system and generate reports in their preferred language, making the tool more accessible to finance teams across the Gulf and broader Middle East.
The underlying technology infrastructure has been completely upgraded, providing greater stability, security, and scalability.
Strong encryption protocols protect sensitive employee data, while the enhanced framework ensures consistent performance even when processing large datasets.
Perhaps the most significant technical improvement, IAS 19 Valuation Software V2 incorporates refined actuarial algorithms that have dramatically accelerated processing speeds.
Calculations that previously required substantial time now complete in a fraction of the duration, allowing finance teams to run multiple scenarios and sensitivity analyses without workflow disruption.
Employee data can now be managed more easily within the system, with improved import capabilities and integration options with various HRMS providers.
This interoperability reduces manual data entry and helps maintain data accuracy across systems.
Version 2 delivers an end-to-end experience that's remarkably streamlined. Finance and HR teams can upload employee data, configure actuarial assumptions, run valuations, and generate signed reports all within a unified workflow.
The system guides users through each step, incorporating validation checks that catch potential issues before they affect final calculations.
Once valuations are complete, reports can be exported in formats ready for audit review and financial statement inclusion, with digital signatures available for added authenticity and compliance documentation.
The improved processing speed means what used to take hours can now be accomplished in minutes.
For organizations with tight reporting deadlines or those that need to run frequent revaluations due to changing workforce dynamics or economic conditions, this performance gain translates directly into operational efficiency and reduced period-end pressure.
Prima Consulting is a professional services firm specializing in accounting, financial consulting, risk management, and digital transformation solutions.
The firm's technology division develops specialized software solutions that address complex financial and actuarial challenges, including its flagship IAS 19 valuation system now used by organizations managing employee benefit obligations for thousands of employees.
Prima Consulting's approach combines technical accounting knowledge with practical software design, creating tools that don't just calculate numbers but genuinely improve how finance teams work.
The company's client portfolio spans multiple sectors including financial services, manufacturing, real estate, healthcare, and government entities, reflecting the universal need for accurate employee benefit accounting across industries.
For more information about Prima Consulting's IAS 19 System V2 or to schedule a demonstration, visit primaconsulting.org or ifrstech.com.
Prima Consulting
