News - SOCPA

05 Dec 2024

SOCPA Holds Meeting to Discuss IFRS 18 and 19 Requirements

As part of its implementation procedures for adopting International Financial Reporting Standards in Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA), through its Accounting Standards Board, held a roundtable meeting on December 4, 2024. The meeting included representatives from the International Accounting Standards Board to discuss requirements of IFRS 18 "Presentation and Disclosures in Financial Statements" and IFRS 19 "Subsid...

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26 Nov 2024

SOCPA Publishes Names of New VAT Specialist Certificate Holders

The Saudi Organization for Chartered and Professional Accountants (SOCPA) is pleased to congratulate those who earned the VAT Specialist Certification in the third cycle of 2024. We wish them continued success and growth in their professional careers. To view the list of certification recipients, click here. ...

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25 Nov 2024

SOCPA Professional Qualification Camp Launches Operations

The Saudi Organization for Chartered and Professional Accountants (SOCPA) launched its Professional Qualification Camp on Sunday, November 24, 2024. The camp's activities will continue until Wednesday, November 27, 2024, at the Support Center of the Small and Medium Enterprises General Authority "Monsha'at" in Riyadh. The Camp eatures training workshops presented by elite industry experts covering various topics, including regulatory requirements, strategic planning,...

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21 Nov 2024

SOCPA Issues Professional Examinations Guide for 2025

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued a professional examinations guide covering all examinations planned for 2025 (1446-1447 AH). The guide introduces various professional certifications including the SOCPA Fellowship Certificate, Accounting Technician Certificate, VAT Specialist Certificate, as well as the Professional Certificate in Public Sector Accounting Standards, Financial Fraud Examiner Certificate, Professional Certificate i...

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20 Nov 2024

SOCPA Shares Its View on Guarantees Issued on Obligations of Other Entities

The IFRS Interpretations Committee has published a tentative agenda decision regarding how entities should account for guarantees issued on obligations of other entities, seeking public comment on the matter. In its response, SOCPA highlighted that the lack of clear guidance stems from undefined terms - specifically what constitutes a "guarantee" and a "debt instrument." This ambiguity creates significant room for interpretation when applying various standards ba...

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19 Nov 2024

SOCPA Releases Guidance Manual for the Implementation of ISQM 1

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued a guidance manual for implementing the International Standard on Quality Management 1 (ISQM 1). The new manual provides practical assistance to firms implementing ISQM 1, focusing on quality management systems for financial audits, reviews, and assurance services. This initiative is part of SOCPA's broader strategy to enhance professional standards in accounting and auditing practices across the Ki...

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