News - SOCPA

27 Aug 2023

SOCPA Comments on IAASB's Exposure Draft of the Proposed International Standard on Auditing 570 Amendments

The International Auditing and Assurance Standards Board (IAASB) has published the Exposure Draft of the Proposed International Standard on Auditing 570 Amendments and amendments to other international auditing standards. The Board aims to facilitate effective responses to the material risk of deviations related to the going concern issue and to support the auditor’s evaluation of management’s assessment of the entity’s ability to continue as a going concern by emphasizing the ...

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24 Aug 2023

SOCPA Announces the Names of Recently Certified Accounting Technicians

Saudi Organization for Chartered and Professional Accountants (SOCPA) is pleased to congratulate those who have obtained the Accounting Technicians Certificate for the second Cycle of 2023, wishing them great success in their careers.

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23 Aug 2023

SOCPA Issues the Translated Version of "Long Association of Personnel with an Audit Client"

Among all the efforts undertaken by Saudi Organization for Chartered and Professional Accountants (SOCPA) to advance the profession of accounting and auditing, to enhance the quality of services provided by independent auditors, and stemming from SOCPA's keenness to transfer specialized knowledge from reliable sources, SOCPA has completed translating and issuing the electronic Arabic version of "Long Association of Personnel with an Audit Client" by International Federation of Acco...

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21 Aug 2023

SOCPA Comments on IFRS Interpretations Committee's Tentative Agenda Decision – Merger between a Parent and its Subs...

The Interpretations Committee of the International Accounting Standards Board (IASB) has published a tentative agenda decision on an inquiry into the accounting approach of a merger of a parent company with its subsidiary. SOCPA, represented by the Accounting Standards Council, agrees that the parent entity controlled the subsidiary before the merger and, consequently, the merger is not a business combination in accordance with IFRS 3. Therefore, IFRS 3 should not be applied. Instead, a parent e...

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20 Aug 2023

SOCPA Comments on the ISSB Exposure Draft

The International Sustainability Standards Board (ISSB) considered that the standards previously issued by the Sustainability Accounting Standards Board (SASB), which has now merged into the International Sustainability Standards Board, will serve as the main guide for entities that will apply international sustainability standards for different economic sectors. This is after introducing limited revisions to the measurements in the standards, mainly related to amending references to laws specif...

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16 Aug 2023

SOCPA Participates in the Regular Meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum ...

Saudi Organization for Chartered and Professional Accountants (SOCPA) participated in the fifth regular meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum in China that was held in Xiamen City on July 25, 2023. The meeting was intended to exchange views on the participants experiences related to the application of the International Standards and comments on new topics in the profession. During the meeting, the current experience of Cambodia in converting to the Inte...

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