News - SOCPA

30 Mar 2021

SOCPA Comments on IASB's Draft Amendment to IFRS 16

The Saudi Organization for Chartered and Professional Accountants shared its opinion on the draft amendment by the International Accounting Standards Board on IFRS 16, which includes setting requirements for measuring lease liabilities in sales with re-leasehold transactions. The amendment is based on considering the variable rent - which does not depend on a rate or indicator - as part of the lease liabilities, and the lessee is required to estimate and include it in the lease liabilities....

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25 Mar 2021

SOCPA Publishes Names of New VAT Specialist Certificate Holders

The Saudi Organization for Chartered and Professional Accountants is pleased to congratulate those who have obtained the VAT Specialist Certificate Certificate (First Cycle 2021), wishing them more success in their careers.

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22 Mar 2021

SOCPA, Represented by the Audit Standards Committee, Adopts the International Standard for Related Services 4400 (a...

The Saudi Organization for Chartered and Professional Accountants, represented by the Auditing Standards Committee, has adopted the amendment of the International Auditing and Assurance Standards Board (IAASB) on the International Standard for Related Services 4400 (amended) "Commitments of Agreed-upon Procedures", taking into account the study carried out by the Committee of the updates issued by the IAASB on that standard, and after completing the procedures for adopting the stan...

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22 Mar 2021

Memorandum of Understanding between SOCPA and the Saudi Contractors Authority

The Saudi Organization for Chartered and Professional Accountants and the Saudi Contractors Authority signed a cooperation agreement last Sunday to lay down a framework for cooperation between the two bodies for the sake of exchanging experiences, knowledge, and information, and cooperation in the fields of training and development. The agreement was signed by the Saudi Organization for Chartered and Professional Accountants, Secretary-General Dr. Ahmed bin Abdullah Al Maghamis, w...

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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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