News - SOCPA

23 Jan 2022

SOCPA Shares its Comments on IASB's Exposure Draft "Disclosure Requirements in IFRS Standards"

The IASB has issued an Exposure Draft containing guidance for disclosure requirements in IFRS standards and using a pilot approach in applying IFRS 19 and 13. The purpose of this draft is to develop principles that will help IASB in building the disclosure requirements in each standard to achieve the goal of the disclosure requirements, which is to provide useful information to help users of financial statements in making decisions based on Financial Statements Information. SOCPA, represented ...

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20 Jan 2022

SOCPA Organizes a Workshop Titled "How to Easily Establish Accounting Firms in Accordance with Governance Procedure...

SOCPA stated that the steps to establish professional firms are carried out according to an easy process, with governance procedures to ensure efficiency and quality. This is possible now due to many decisions and legislations that paved the way for accountants and auditors to provide professional services of high quality. SOCPA stressed during a professional event, organized (Wednesday, January 19, 2022), and attended by more than 800 specialists - physically and via video call - tha...

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20 Jan 2022

SOCPA publishes an Arabic Translation of the Guide to Using International Standards on Auditing in the Audits of Sm...

As part of its efforts to advance the accounting and auditing profession, support small and medium-sized firms, and transfer specialized knowledge from its reliable sources to the wider community, SOCPA has successfully completed the Arabic translation of the "Guide to Using International Standards on Auditing in the Audits of Small and Medium-Sized Entities" which consist of two parts and is originally published by the IFAC in English. The guide aims to grant chartered accountants a ...

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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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