News - SOCPA

16 Nov 2020

The names of the holders of the certificate of VAT Specialist

SOCPA would like to congratulate the recipients of the certificate of a specialist Value-Added Tax (First Cycle 2020) and wishes them further success in their careers.

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15 Nov 2020

SOCPA Shares its Views on the Preliminary Decision of the Interpretations Committee on the Sale of an Affiliate Fac...

SOCPA shared its opinion on the preliminary decision of IFRS Interpretations Committee on how to account for the sale of the entire ownership share in a 100% owned subsidiary and one asset and then re-lease that asset from this facility after the sale. It is the opinion of SOCPA that the analysis of the case considers the sale of the 'business' as direct sale of the individual assets held by that business, which might not be the proper analysis. SOCPA believes that the first step i...

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09 Nov 2020

SOCPA participates in the Second Belt and Road National Accounting Standards Cooperation Forum

SOCPA participated in the Second Belt and Road National Accounting Standards Cooperation Forum, held annually by the Ministry of Finance of China, represented by the General Administration of Accounting Organization. The event was held virtually on 3 November 2020. The Forum discussed accounting issues related to the Covid-19 and various experiences in the application of international accounting standards. SOCPA was represented in the meeting by the Assistant Secretary-General of Standards, Abdu...

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08 Nov 2020

SOCPA participates in the World Standard-setters Conference

SOCPA participated in the annual World Standard-setters Conference organized by IASB, held virtually on 28-29 September 2020. SOCPA was represented by the Chairman of the Accounting Standards Committee Fahad bin Mohammed Al Taimi. This conference represents a unique opportunity to exchange feedback between IASB members on the latest standards and interpretations thereof. A platform where standard-setters can communicate with each other and discuss relevant issues impacting the development o...

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06 Nov 2020

SOCPA Approves Amendments on the Standard of Auditing, Review, Other Assurance, and Related Services

SOCPA, represented by its Audit Standards Committee, approved amendments to the standards of auditing, review, other assurance and related services as result of updates made to the International Code of Ethics for Professional Accountants. These amendments are as follows: 1. Update bookmarks included in the standard; to reflect updated paragraphs and title of the code. 2. ...

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04 Nov 2020

SOCPA's Audit Standards Committee Approves Revised ISA No. 315

SOCPA, represented by Audit Standards Committee, approves updates introduced by the IASB to ISA No. 315 "Identifying and Assessing the Risks of Material Misstatement" and consequential amendments arising from updates to this standard and other standards. Such approval was preceded by an examination of IASB’s updates, as well as satisfaction of SOCPA’s procedures to follow developments of international standards, and respond to inquiries and issues that are not addressed b...

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