News - SOCPA

18 Jan 2022

SOCPA Adopts IASB's Amendments to IFRS 17

SOCPA, represented by the Accounting Standards Committee, adopted the IASB amendment to IFRS 17 "insurance contracts" which was published by IFRS in a document titled "Initial Application of IFRS 17 and IFRS 9―Comparative Information (Amendment to IFRS 17)". The purpose of this amendment is to help financial statement preparers when switching to IFRS 17, so that the requirements of IFRS 9 "Financial Instruments" are in line with the requirements of IFRS 17 "in...

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11 Jan 2022

SOCPA opens Nominations for Professional Councils and Committees

Due to the approaching end of the current cycle of professional councils and committees in SOCPA, the Nominations and Remuneration Committee formed by the Board of Directors Resolution No. 13/2/4 has decided to open the door for nomination to membership of professional councils and committees for a three-year term. Therefore, those who wish to run for membership in one of the professional councils or committees must fill out the nomination form within a month from January 10, 2022. Thank you f...

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04 Jan 2022

SOCPA Announces the Start of the Implementation of the International Code of Ethics

SOCPA has announced the start of the optional implementation of the International Code of Ethics for early adapters, stressing that the implementation of the code will be mandatory by the middle of this year 2022. The implementation of the code will enhance the quality of accounting and auditing practices in the Kingdom and ensure their consistency with international practices. SOCPA explained that the implementation of the code, which was adopted recently, is in line with the regulatory ...

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02 Jan 2022

SOCPA Issues Training Programs Guide for 2022

Considering the SOCPA's experience and its endeavor to provide appropriate training programs that contribute to training in the field of accounting and auditing for the public and private sectors and qualifying applicants for the professional exam of SOCPA, a comprehensive guide for training programs has been published and it includes all the programs SOCPA intends to implement during the year 2022. It is hoped that this guide will provide the required information about the various training...

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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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