News - SOCPA

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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08 Aug 2021

SOCPA Reviews Its Achievements In A Report Titled "The Role Of The Accounting Profession In Building A Prosperous E...

SOCPA reviewed its achievements over the past five years in a new report titled "The Role Of The Accounting Profession In Building A Prosperous Economy". The report documents the achievements and successes of the organization. The report begins with and introduction by the minister of commerce and investment Dr. Majid bin Abdullah Al Qasabi, where he talked about the accounting profession as being a booster of development for the kingdom's economy, stating that SOCPA has led t...

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05 Aug 2021

SOCPA organizes A Health Day For Its Employees

SOCPA represented by its HR department has organized a health awareness event, as part of an initiative to spread awareness of the importance of leading a healthy life for its employees. The event included various activities such as free medical examinations and tests for all employees. The examinations included blood pressure measurement, sugar level measurement, dental, eye examinations, weight measurement and body mass rate tests. These tests were carried out by a medical staff who provide...

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