News - SOCPA

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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16 Dec 2021

SOCPA CEO Visits the General Court of Audit

A delegation from SOCPA, headed by H. E. Dr. Ahmed bin Abdullah Al-Meghames, CEO of SOCPA, visited the headquarters of the General Court of Audit (GCA) in Riyadh and was received by H.E. Dr. Hussam Alangari, President of General Court of Audit. The visit began with a tour of the headquarters of the General Court of Audit, followed by the discussion of a number of topics of mutual interest, including discussion on the ways to strengthen cooperation between SOCPA and GCA in various profe...

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14 Dec 2021

SOCPA Participates in the Islamic Finance Consultative Group Meeting

SOCPA, represented by the Accounting Standards Committee, participated in the meeting of the Islamic Finance Consultative Group under the International Financial Reporting Standards Foundation, which was held remotely via Video conference call on Tuesday (30-11-2021). SOCPA was represented by member of the Accounting Standards Committee, Mr. Ahmed Al-shanibar. The meeting agenda included discussion of the Post-implementation Review of IFRS 9―Classification and Measurement and considered...

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