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19 Apr 2021
The Saudi Organization for Chartered and Professional Accountants provided its opinion on the initial decision of the International Interpretations Committee one stopping entities from the preparation of financial statements on the basis of continuity. The inquiry was about the late preparation of the financial statements of previous years when the company was operational after the entity decided to cease its operations. SOCPA clarified that its point of view on this issue stems from the bel...
15 Apr 2021
SOCPA Adopts the Amendments of IASB on International Accounting Standard No. 8 The Saudi Organization for Chartered and Professional Accountants has adopted the amendments made by the International Accounting Standards Board to IAS 8: This update aims to provide a more specific definition of accounting estimates and to reformulate the examples contained in the standard related to other standards to match the formulation of those standards that were issued after this standard. It should b...
14 Apr 2021
The Saudi Organization for Chartered and Professional Accountants has adopted the amendments made by the International Accounting Standards Board to IAS 1: as this update aims to focus on disclosure of important information about accounting policies instead of disclosure of significant accounting policies. The amendment is as follows: The use of the word "material" instead of the word "significant" because the word "material" is defined in the standards, and i...
13 Apr 2021
The Human Resources Development Fund (HRDF) has approved the VAT Specialist and Accounting Technician certificates as part of the new professional certificates that HRDF Fund launched recently. The fund will compensate those who have received certificates financially in order to raise the efficiency of the national forces and increase their competitiveness in the labor market. The mechanism of payment from the fund is based on the principle of compensation for the individual who obtaine...
10 Apr 2021
109 university faculty members participated in these workshops. SOCPA Continues to Hold Workshops for the Initiative to Harmonize Educational Outcomes with Labor Market Requirements. The Saudi Organization for Chartered and Professional Accountants, in partnership with Prince Sultan University, organized a "virtual" workshop entitled International Standards for Financial Reporting in Universities Curricula presented by Prof. Dr. Muhammad Nur Al Nabi (Head of Accounting Depart...
07 Apr 2021
Under the patronage of His Excellency the Minister of Commerce, Dr. Majid bin Abdullah Al Qasabi, Chairman of the Board of Directors of the Saudi Organization for Chartered and Professional Accountants, SOCPA signed a memorandum of understanding with the Institute of Chartered Accountants in England and Wales (ICAEW) aimed at establishing a joint cooperation relationship between them in the field of the accounting and auditing profession. This MoU establishes closer cooperation in several profes...