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19 Mar 2023
The International Accounting Standards Board (IASB) has published a project to introduce a limited amendment to the International Accounting Standard No. 12 "Income Taxes." This is to provide exemption for cross-border entities from accounting for deferred taxes that may result from the entity’s application of the requirements of the Organization of Economic Cooperation and Development project to overcome the challenges arising from the digital transformation of the eco...
16 Mar 2023
Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Auditing Standards Council, has adopted the standard "Consulting Services: Engagements to provide Forensic Accounting Services." This standard adoption has resulted from a thorough study of the local market needs, and with the participation of a group of eminent judges and certified accountants during the development of the standard. To adopt this standard, SOCPA Auditing Standards Council has h...
15 Mar 2023
Among the efforts undertaken by the Saudi Organization for Chartered and Professional Accountants (SOCPA) to advance the profession of accounting and auditing and as a part of its support for small and medium-sized offices. Stemming from SOCPA keenness to transfer specialized knowledge from reliable sources, SOCPA has completed the translation and publication of the Arabic electronic version of " the Guide to the First Time Application of the Updated International Standard on Auditing (220)...
The United Nations Conference on Trade and Development (UNCTAD), represented by the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), in cooperation with Saudi Organization for Chartered and Professional Accountants (SOCPA), has organized an exploratory meeting of the group with representatives of Gulf and Arab countries. In this meeting, a number of Arab professional bodies' heads participated. The meeting was held to discuss how to p...
14 Mar 2023
The International Accounting Standards Board (IASB) published the third edition of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) accounting standard to seek opinions on it. SOCPA, represented by the Accounting Standards Council, shared comments on the exposure draft and the updates that the International Accounting Standards Board (IASB) intends to introduce to the standard in order for its requirements to be in line with the requirements of the I...
06 Mar 2023
On Thursday March 2 2023, Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Council, held a workshop to discuss the project of updating the International Financial Reporting Standard for Small and Medium Enterprises (SMEs) issued by the International Accounting Standards Board (IASB). The project aims to align a number of the standard requirements with the full version of international standards, especially with regard to the updates m...