News - SOCPA

26 Dec 2021

SOCPA Participates in the G20 Emerging Economies Group Meeting

SOCPA, represented by the Accounting Standards Committee, participated in the semi-annual meeting of the Emerging Economies Group of G20 countries which is under the umbrella of the IFRS. The meeting was held remotely via video conference call during the period 2-3 December 2021. Representing SOCPA at this meeting was Mr. Ihsan Makhdoom, member of the Accounting Standards Committee, and Dr. Abdulrahman Al-Razeen, executive director of professional standards, . The agenda items of th...

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23 Dec 2021

SOCPA launches "etikal" platform for accounting and Business Services (trial version)

SOCPA has launched "Etikal", which is a new platform for accounting and business services that aims to support entrepreneurs and Small and Medium Enterprises (SMEs). The new platform will contribute to the sustainability and growth of businesses, by connecting those seeking accounting and consulting services in various regions of the kingdom with licensed accountants, where a number of accounting services can be accessed through a single reliable platform and under the supervision of S...

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22 Dec 2021

SOCPA Shares its Comments on IFRS Interpretations Committee's Tentative Decision Regarding (IFRS 9)

The IFRS Interpretations Committee has requested comments on its tentative decision about Cash Received via Electronic Transfer as Settlement for a Financial Asset (IFRS 9), and weather an entity can derecognize financial assets (trade receivable) and recognize cash on the date the cash transfer is initiated. SOCPA agrees with the Committee's Decision that "determining the date on which the entity’s contractual rights to those cash flows expire is a legal matter, which would depe...

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21 Dec 2021

SOCPA publishes the names of new Accounting Technician Certificate Holders

The Saudi Organization for Chartered and Professional Accountants is pleased to congratulate those who have obtained the Accounting Technician Certificate (Second Cycle 2021), wishing them more success in their careers.

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20 Dec 2021

SOCPA Shares its Comments on IFRS Interpretations Committee's Tentative Decision Regarding (IAS7)

The IFRS Interpretations Committee has requested comments on its tentative decision about whether an entity should include a demand deposit as a component of cash and cash equivalents in its statements of cash flows and financial position when the demand deposit is subject to contractual restrictions on use agreed with a third party. SOCPA agreed with the decision of the Committee that such amounts are considered to be cash in accordance with IAS No. 7, since such restrictions...

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20 Dec 2021

SOCPA and Saudi Center for Commercial Arbitration Sign a Joint Cooperation Memorandum

SOCPA and the Saudi Center for Commercial Arbitration (SCCA) signed a memorandum of cooperation aimed at providing alternative means of resolving disputes of project contractors of SOCPA members. The memorandum also serves to raise awareness of arbitration and mediation services and enhance its role in the development of the accounting and auditing sector in the kingdom. The signing ceremony took place at SOCPA headquarters in Riyadh, and SOCPA was represented at the ceremony by its C...

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