News - SOCPA

13 Feb 2022

SOCPA shares its comments on the Tentative Agenda Decision of IFRS Interpretations Committee (IFRS 15)

The IFRS Interpretations Committee has asked for comments on its tentative agenda decision regarding how to adapt an entity's transactions that involve the reselling of software to a third-party, and whether the entity in questing can be considered a principal or agent when it is obligated to provide advice to the end-user about the software and has the right to negotiate prices. SOCPA concurred with the Committee's conclusion that the principles and requirements in IFRS Standards provi...

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09 Feb 2022

SOCPA Adopts a Set of Regulations and Policies as Part of its Push for More Governance

SOCPA continued to govern its work and institutionalize the accounting work after the Board of Directors approved a set of regulations and specialized policies that will ultimately lead to higher quality and performance. The Board approved the SOCPA's Terms of Reference, the Conflict-of-Interest Policy, the Advisory Board's Regulations, the Board of Directors Regulations, the Education and Training Committee Regulation, the Professional Ethics Committee regulation, the Professional Perf...

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07 Feb 2022

SOCPA Issues Professional Examinations Guide 2022

SOCPA issued a Professional Examinations Guide that includes all the examinations that SOCPA intends to hold during the year 2022 (1443h - 1444h). The guide includes an introduction to SOCPA's fellowship exam, the Accounting Technician exam, the VAT Specialist Exam, in addition to the Professional Certificate Exam in the International Financial Reporting Standards (IFRS), and the Professional Certification Exam for the two training track programs in accounting and government auditing....

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06 Feb 2022

SOCPA Shares its Comments on Creating Separate Standard for LCE

The International Auditing and Assurance Standards Board (IAASB) published an exposure draft concerning an independent Auditing standard for Less Complex Entities (ISA for LCEs). This proposal comes as a response from the Board to the needs of Practitioners and regulatory bodies to have professional guidance for less complex entities. The current basic auditing standards were improved upon and developed with time to be more suitable for complex entities, which led to further depth and complexity...

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31 Jan 2022

UNCTAD Chooses SOCPA to Train Representatives from Other Professional Bodies

The United Nations Conference on Trade and Development (UNCTAD) chose SOCPA to provide a course in accounting for Small and Medium-Sized Entities (SMEs) in the MENA region. These courses aim to qualify representatives of professional bodies who work in the accounting sector for SMEs in Arab countries. The decision by UNCTAD to choose SOCPA is a vote of confidence that highlights the state and level of the accounting and auditing sector in the kingdom. It is also a recognition of SOCPA's rol...

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30 Jan 2022

SOCPA Shares its Comments on the "Request for Information, Post-implementation Review: IFRS 9 Financial Instruments...

The International Accounting Standards Board (IASB) published a document titled "Request for Information, Post-implementation Review: IFRS 9 Financial Instruments". After consulting with financial statements preparers, especially from banks and finance companies in cooperation with the Saudi Central Bank, SOCPA explained in its response to IASB that the most important requirements of the standard that needs to be reviewed are those related to changes in the business model, as such chan...

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