News - SOCPA

03 May 2021

SOCPA's Dialogue on the Professional Code of Ethics in Islam.

With the presence of more than 400 participants, SOCPA held a panel discussion on the Professional Code of Ethics in Islam. ‏‪‬ The Saudi Organization for Chartered and Professional Accountants (SOCPA) continues to hold more professional panel discussions to introduce the codes of professional behavior and ethics. As part of that effort, SOCPA organized on Saturday 1 May 2021 a panel discussion on the professional code of ethics in Islam. Speaking at the panel was Dr. Mohammed Al Osaim...

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02 May 2021

SOCPA, Represented by the Accounting Standards Committee, Adopts Two Standards on Bankruptcy and Liquidation Proced...

The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, adopted the standard "financial reporting on liquidation basis: principles and requirements of proof, measurement, presentation and disclosure" and the standard "financial reporting during bankruptcy proceedings: preventive settlement or financial reorganization". This adoption followed a study of the need for the domestic market and the reality of ...

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29 Apr 2021

SOCPA Seeks the Opinions of Those Interested in the Draft Executive Regulations of the Profession Law

The Saudi Organization for Chartered and Professional Accountants has called on those interested from the general public to submit their opinions and suggestions regarding the draft executive regulations for the law of the accounting and auditing profession, with 20 May 2021 as the deadline for submissions. SOCPA stated that the draft executive regulations aim to explain the basic codes contained in the law of the accounting and auditing profession issued by Royal Decree No. (M / 59) ...

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22 Apr 2021

SOCPA to Hold a Series of Workshops to Introduce the International Codes of Professional Behavior and Ethics

The Saudi Organization for Chartered and Professional Accountants held a workshop on the international codes of professional behavior and ethics, which will come into force in the middle of next year (2022 ). Participated in the workshop were Professor Ahmed Al Shaniqiti, a member of the Ethics and Conduct Committee, and team leader, Professor Khaled Bahjat, a member of the Committee, and Dr. Yasser Fallatah, advisor to the Committee. The workshop's themes included the steps to conver...

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22 Apr 2021

SOCPA Shares Opinion on the Initial Decision of the International Interpretations Committee Regarding Costs of Sell...

The Saudi Organization for Chartered and Professional Accountants expressed its views on the initial decision of the International Interpretations Committee on the costs of selling inventory, which decided in principle that the costs of selling the inventory that must be deducted from the expected selling price to reach the net realizable value are not limited to the additional costs associated with the sale transaction, but rather all selling costs. Even if it isn't related to selling a s...

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19 Apr 2021

SOCPA Completes the Transformation System to International Standards by Adopting the International Professional Cod...

The Saudi Organization for Chartered and Professional Accountants Board of Directors approved the international codes of professional behavior and ethics and in line with the regulatory environment in Saudi Arabia. Dr. Ahmed Al Maghamis, Secretary-General of SOCPA, has stressed the importance of this transformation, which constitutes a qualitative leap in the direction of enhancing the quality of the practices of the accounting and auditing professions in Saudi Arabia, and its consistency with i...

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