News - SOCPA

27 Jan 2025

Names of IFRS Professional Certificate Recipients

SOCPA is pleased to congratulate those who passed the IFRS Professional Certificate examination for the first cycle of 2024, wishing them continued success in their professional careers.

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27 Jan 2025

Localization of Accounting Professions to Reaches 70% in Private Sector

The Ministry of Human Resources and Social Development, in partnership with the Ministry of Commerce, has announced a decision to increase the localization rates of accounting professions to 70% in the private sector. This decision is part of efforts aimed at providing more stimulating and productive job opportunities for male and female citizens across different regions of the Kingdom. The decision will be implemented over 5 years beginning October 22, 2025. Private sector establishments w...

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16 Jan 2025

SOCPA Adopts IFRS 19 for Implementation in Saudi Arabia

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Accounting Standards Board, has adopted the International Accounting Standards Board's IFRS 19 for implementation in Saudi Arabia. The standard primarily aims to simplify financial statement preparation mechanisms and systems while reducing costs for non-publicly accountable subsidiaries when preparing their financial statements in accordance with the full IFRS, provided that the parent entity (int...

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14 Jan 2025

SOCPA Adopts IFRS 18 for Implementation in Saudi Arabia

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Accounting Standards Board, has adopted the International Accounting Standards Board's IFRS 18, which replaces International Accounting Standard (IAS) 1. This adoption involves significantly reviewing and developing parts of the standard while maintaining certain presentation and disclosure requirements and transferring other requirements to relevant International Financial Reporting Standards (suc...

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31 Dec 2024

SOCPA Issues 2025 Training Programs Guide

SOCPA has released its comprehensive 2025 training programs guide, outlining all planned accounting and auditing training initiatives for the upcoming year. The guide details programs aimed at both public and private sectors, including preparation courses for SOCPA's professional examinations. It provides complete information about program topics, schedules, locations, and fees. The new guide covers the period of 2025 (1446-1447 H) and serves as a comprehensive resource for all SOCPA trai...

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23 Dec 2024

SOCPA Presents its Views on Developing Examples for Reporting Climate Effects and Other Uncertainties in Financial ...

The International Accounting Standards Board (IASB) has published an exposure draft for developing examples on reporting climate effects and other uncertainties in financial statements. The proposed examples aim to provide guidance on how to apply specific requirements in international standards that enhance the relevance of information presented in financial statements and provide information about such effects within financial statements. SOCPA's Accounting Standards Cou...

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