News - SOCPA

09 Nov 2021

CEO of SOCPA appointed as Vice-Chair of ISAR

The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which operates under the umbrella of the United Nations Conference on Trade and Development (UNCTAD), has selected the SOCPA's CEO, Dr. Ahmed bin Abdullah Almeghames as vice-chair of the group's thirty-eighth session. For his part, Dr. Almeghames expressed his pleasure and honor for this selection, noting that it reflects the excellent level and good standing of the accounting p...

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03 Nov 2021

SOCPA Organizes a Seminar Titled "Recent Developments in Zakat and Taxes and Their Integration Into Accounting Curr...

SOCPA, in cooperation with Prince Sultan University (PSU), organized a seminar titled "Recent Developments in Zakat and Taxes and Their Integration Into Accounting Curricula". The seminar is part of the initiative to align education outcomes with labor market requirements. The seminar started with a speech by Dr. Musab al Naeem, member of the Education and Training Committee at SOCPA, in which he welcomed the attendees and participants, and emphasized the importance of the...

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03 Nov 2021

SOCPA Participates in the Cooperation Forum for Accounting Standards-setting Bodies in the Belt and Silk Road Count...

SOCPA participated on Tuesday, 2-11-2021 remotely (via video conference) in the Cooperation Forum for accounting standards-setting bodies in the Belt and Silk Road Countries which was established by China to exchange views on the requirements of the financial report standards. SOCPA was represented at the forum by the Executive Director of Professional Standards, Dr. Abdulrahman Al-razeen. SOCPA contributed positively to the forum with its experiences in standards setting and on the...

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01 Nov 2021

SOCPA Adopts IAASB's Pronouncements on Quality Control

SOCPA has already adopted ISQC 1 as part of the transformation to international standards plan which was completed before the end of 2016. According to the transformation to international standards plan, SOCPA will follow up on the developments of international standards, study them and consider their adoption. And since the International Auditing and Assurance Standards Board issued two new standards on quality management replacing the quality control standard No 1, SOCPA has translat...

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28 Oct 2021

SOCPA Adopts IASB Amendments on International Accounting Standard No. 12

SOCPA has adopted the IASB's amendments to IAS 12 "income taxes" which aims to exclude transactions that, upon initial proof, lead to an equal amount for taxable and deductible temporary differences from the scope of the exemptions granted by the standard for the proof of temporary differences. This amendment is based on inquiries received by the international interpretation committee on the subject, which concluded that there was inconsistency in such transactions. Th...

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26 Oct 2021

SOCPA Seeks the Views of Interested Parties Regarding the Draft Rules Governing Accounting Services

SOCPA invites interested people and the public to give their opinions and suggestions on the draft rules governing accounting services, until November 11, 2021. The draft rules governing accounting services aim to regulate, license and control the profession of accounting services-as it is one of the branches of the accounting and auditing profession and is of relevance to SOCPA. The draft version and the feedback form can be viewed through the Public Consultation Platform Click here. &n...

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