News - SOCPA

20 May 2024

SOCPA Holds an Open Meeting with Representatives of IASB

On Sunday, 04-10-1445H corresponding to 12-05-2024, SOCPA hosted representatives from the International Accounting Standards Board (IASB). During the visit, a joint meeting was held with members of SOCPA’s Accounting Standards Board and key members of SOCPA. The meeting included a review and discussion of the latest updates to international standards, highlighting IFRS 18, which will replace IAS 1, and IFRS 19, which provides less detailed disclosures for subsidiaries not subject...

More

20 May 2024

SOCPA Publishes Names of Fellowship Certificate Recipients

The Saudi Organization for Chartered and Professional Accountants (SOCPA) is pleased to congratulate the recipients of the Fellowship Certificate for the first cycle of 2024. We wish them continued success and prosperity in their professional careers. The names of the Fellowship Certificate recipients can be viewed by clicking here. {^widget|(videourl)https%3a%2f%2fyoutu.be%2fnoNDvH_lF8I|(name)YouTubeVideo|(autoplay)False|(widget_displayname)YouTube+vid...

More

05 May 2024

SOCPA Joins Membership of International Auditing and Ethics Standards Boards

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has gained the membership of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA). Representing SOCPA, both the Auditing Standards Committee and the Professional Ethics Committee participated in the regular meetings of the IAASB and IESBA last week in New York. The meetings were attended remotely by Mr. Ahmed Al-Shanqeeti, Chair of t...

More

28 Apr 2024

SOCPA Shares Perspective on IAASB Project

The International Auditing and Assurance Standards Board (IAASB) has published a project proposing limited amendments to update the definitions of listed entities and public interest entities. These proposed amendments are part of joint efforts with the International Ethics Standards Board for Accountants (IESBA) to meet the high expectations of stakeholders in public interest entities. Based on IESBA's project to develop definitions of listed entities and public interest entities ...

More

22 Apr 2024

SOCPA Issues Update to Guidebook for Preparing Independent Auditor Reports

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued an update to the guidebook that contains illustrative examples of various types of independent auditor reports prepared in accordance with the International Standards on Auditing and Review adopted in the Kingdom of Saudi Arabia. The key changes made to the guidebook include: • Amendments to align with the new Companies Law. • Changing the phrase "Summary of Significant Accounting Policie...

More

16 Apr 2024

SOCPA Shares Perspective on Financial Instruments with Equity Characteristics

The International Accounting Standards Board (IASB) has released an exposure draft to amend IAS 32 regarding financial instruments with equity characteristics. After consulting with relevant stakeholders, the Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Committee, has shared its perspective on the discussed issues in the project. SOCPA expressed its agreement with the project’s direction, focusing on the contractua...

More