News - SOCPA

31 Aug 2021

International Participation in SOCPA's Workshop About the Alignment of Educational Outputs with Labor Market Requir...

SOCPA organized a workshop with the participation of professional accounting bodies on the subject of the alignment of educational outputs with the labor market. The workshop comes as s continuation of past workshops that SOCPA held in cooperation with Prince Sultan University on the same subject. The goal of this latest workshop is to explore the views of the international participants on the education of accounting, the role of professional certificates in preparing their holders for the labor...

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31 Aug 2021

ACCA exempts SOCPA Fellowship holders from some of its exam courses

The Association of Chartered Certified Accountants (ACCA) of the UK has exempted the holders of SOCPA fellowship from a number of the qualifying courses for its own fellowship following its recognition of SOCPA's fellowship. These decisions came after the ACCA was made familiar with the rules and procedures for exams, as well as the preparation process of questions and their evaluation. These steps will undoubtably benefit SOCPA fellowship holders and pave the way for them ...

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26 Aug 2021

SOCPA and the Ministry of Finance sign an agreement on Transformation to Accrual Basis - SOCPA

SOCPA and the Ministry of Finance represented by the ministry's Accrual Accounting Center signed an agreement regarding the transformation project from cash to accrual basis. The project aims to improve the quality of accounts and financial reports, enhance transparency and accountability, and support decision makers by making an inventory of all government entities' assets and obligations, making it easier to identify the entities’ financial position separately from the ...

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25 Aug 2021

SOCPA and IESBA to hold a regional workshop on the ethical impact of technology on the accounting profession

The Saudi Organization for Chartered and Professional Accountants (SOCPA), in collaboration with the International Ethics Standards Board for Accountants (IESBA), will hold a virtual workshop about the ethical impact of technology on the accounting profession on September 1, 2021. This workshop will bring together leaders and experts in the accounting and auditing fields from both the public and private sectors SOCPA’s Chief Executive Officer, Dr. Ahmed Almeghames said, &ldquo...

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24 Aug 2021

SOCPA Expresses Its View on IASP Discussion Paper: Business Combinations Under Common Control

The International Accounting Standards Board (IASB) published a discussion paper containing its preliminary views on how to deal with business combinations transactions that are under common Control, in which an affiliate entity takes control of another affiliate entity from the same group. The board's view can be summed into two different accounting treatments depending on the nature of the affiliate entity controlling the other affiliate entity of the same group. The board see...

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18 Aug 2021

SOCPA Expresses Its Views on Tentative Agenda Decision of IFRS Interpretations Committee Regarding the Accounting T...

SOCPA Expresses Its Views on Tentative Agenda Decision of IFRS Interpretations Committee Regarding the Accounting Treatment of Economic Benefits from The Use of Wind Power Plants Represented by the Accounting Standards Committee, SOCPA expressed its comments on the tentative decision of the IFRS interpretation committee regarding contracts relating to price swapping of wind-generated power, and whether such contracts contain a lease according to IFRS 16. SOCPA concurred with the ...

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