News - SOCPA

11 Mar 2021

SOCPA Meets with Heads of Accounting Departments in Saudi Universities

In continuation of the efforts made by the Saudi Organization for Chartered and Professional Accountants towards accounting education in Saudi Arabia, SOCPA organized an electronic meeting with the heads of accounting departments in Saudi universities, in order to strengthen the bonds of cooperation in the field of education and to harmonize its outputs with the requirements of the labor market. The meeting was attended by SOCPA's Secretary-General Dr. Ahmed Al Maghamis, Executive Direc...

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10 Mar 2021

Saudi Council of Ministers Adopts the New Accounting and Auditing Profession Law

The Council of Ministers, in its session on Tuesday 25 Rajab 1442 AH corresponding to March 9, 2021, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, Prime Minister, approved the adoption of the new accounting and auditing profession law. Which came to respond to the developments taking place in the business environment in Saudi Arabia, the growing number of companies, and the high volume of investments, which calls for amendments to regulations and leg...

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02 Mar 2021

SOCPA Provides its Views on IASB's Draft Amendment to IFRS 16

The Saudi Organization for Chartered and Professional Accountants provided its view on the draft of the International Accounting Standards Board amendment to the International Financial Reporting Standard No. 16 related to extending the exemption period granted to tenants from treating rent reductions due to the Covid-19 pandemic as amendments to the contract. In its response, SOCPA stressed the importance of responding to such pandemic circumstances in a way that reduces the burden of prep...

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01 Mar 2021

Professional Exams Guide for 2021

SOCPA issued a guide to professional exams, which includes all the exams that the SOCPA intends to perform during the year 2021 (1442 AH - 1443 AH). The guide includes the Saudi Organization for Chartered and Professional Accountants fellowship exam, the Accounting Technician exam, the VAT Specialist exam, the IFRS exam, and professional certification exams in government accounting and government auditing tracks. It is hoped that this guide will contribute to providing the required information...

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22 Feb 2021

A Delegation from Prince Sultan University Visits SOCPA

A delegation from Prince Sultan University, represented by the Dean of the College of Business Administration, Dr. Saad Al Mousa, and a number of faculty members visited SOCPA and met with His Excellency the Secretary-General Dr. Ahmed Al Maghamis, the Assistant Secretary-General for Membership and Professional Development Dr. Musab Al Jaid, and the Member of the Education and Training Committee Dr. Musab Al Naim. During the visit, both sides discussed ways of cooperation between SOCPA and the U...

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08 Feb 2021

SOCPA Provides Remarks on the Preliminary Decision of the International Standards Interpretations Committee

The Saudi Organization for Chartered and Professional Accountants provided its opinion on the initial decision of the International Financial Reporting Interpretations Committee of the International Accounting Standards Board related to accounting for amounts paid for preparation or allocation costs in a cloud computing arrangement. In its comment on that initial decision, SOCPA considered that this decision is linked to a decision issued by the Committee in 2019 regarding accountability fo...

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