News - SOCPA

24 Dec 2023

SOCPA Approves Amendment to IFRS 21

SOCPA, represented by the Accounting Standards Board, has approved the limited amendment made by the International Accounting Standards Board (IASB) to IFRS 21 "The Effects of Changes in Foreign Exchange Rates". The objective of this amendment is to clarify when a currency is not exchangeable for another foreign currency and to provide requirements on how to determine the exchange rate in such circumstances. Previously, SOCPA, through the Accounting Standards Board, commented on the ...

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20 Dec 2023

SOCPA Approves International Accounting Standard (7) Amendment, with Consequential Adjustment to IFRS (7)

SOCPA, represented by the Accounting Standards Committee, has approved the limited amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard No. 7, along with a consequential amendment to International Financial Reporting Standard 7 "Financial Instruments: Disclosures." Previously, SOCPA, through the Accounting Standards Committee, had commented on the proposed amendment mentioned above and initially agreed with the project in principle...

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19 Dec 2023

SOCPA to Translate International Sustainability Standards

The Saudi Organization for Chartered and Professional Accountants (SOCPA) signed an agreement with the International Financial Reporting Standards (IFRS) Foundation this December to translate the International Sustainability Standards issued by the International Sustainability Standards Board (ISSB). This initiative comes in response to the IFRS Foundation's request, affirming Saudi Arabia's leadership in the accounting and auditing profession in the Arab world. SOCPA has demonstrated a...

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18 Dec 2023

SOCPA Approves Amendment to IAS 12 and Section 29 of the IFRS for SMEs

SOCPA, represented by the Accounting Standards Board, has approved the amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard (IAS) 12 "Income Taxes" and Section 29 of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs). The purpose of this amendment is to grant an exception to entities from the requirement to recognize or disclose deferred taxes resulting from the application of tax laws ...

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17 Dec 2023

SOCPA Expresses Its View on an IFRIC Tentative Decision

The International Accounting Standards Board (IASB) has published a draft tentative decision by the International Financial Reporting Interpretations Committee (IFRS IC) on how to apply the requirements of IFRS 3 "Business Combinations" related to payments linked to continued employment during the transitional phase of a business combination. The IFRIC has tentatively decided not to address the inquiry, considering that the issue is not widespread. The Saudi Organization for Chartered...

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12 Dec 2023

SOCPA Participates in Request for Information Document Regarding the Implementation of IFRS 15

The International Accounting Standards Board (IASB) has published a Request for Information document concerning issues identified in the application of IFRS 15 "Revenue from Contracts with Customers." SOCPA, represented by the Accounting Standards Board, has shared its perspective on the topics presented in the paper. SOCPA believes that the standard requires more practical guidance on complex issues related to revenue recognition, including the identification of performance obli...

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