News - SOCPA

26 Jan 2021

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

The Saudi Organization for Chartered and Professional Accountants provided its view on the initial decision of the International Financial Reporting Interpretations Committee of the International Accounting Standards Board regarding how to classify liabilities as current or non-current when there are conditions associated with long-term liabilities such as the requirement to fulfill a certain percentage of working capital to maintain the entity's right to delay payment for a period...

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17 Jan 2021

An Invitation to Share Opinions on FRS Drafts for Entities Entering Bankruptcy Procedures

The Saudi Organization for Chartered and Professional Accountants represented by the Accounting Standards Committee is currently working to provide adequate accounting requirements for the financial report of the entity that enters into bankruptcy procedures according to the bankruptcy law, judicial or voluntary liquidation. According to the procedures adopted by the SOCPA related to the new pronouncements, that these pronouncements are published to the general public, so you will find the draft...

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01 Jan 2021

Training Program Guide for 2021

In light of the SOCPA's experience and its endeavor to provide appropriate training programs that contribute to training in the field of accounting and auditing in the public and private sectors and qualifying applicants for the professional exam of SOCPA, a comprehensive guide for training programs has been prepared that includes all the programs that SOCPA intends to implement during the year 2021. It is hoped that this guide will contribute to providing the required information about...

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31 Dec 2020

SOCPA Adopts the Amendments of the International Board on a Number of Standards as a Result of the Adoption of the ...

The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, adopted the amendments made by the International Accounting Standards Board on a number of its standards as a result of its completion and approval of the second phase of its project called “Replacement of the reference interest rate - the second phase.” These amendments covered both the International Financial Reporting Standard 9 and the International Accounting Sta...

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30 Dec 2020

SOCPA Approves IASB’s amendments to IFRS 17

SOCPA, represented by its Accounting Standards Committee, adopted IASB’s amendments to IFRS 17, where a number of observations and application challenges were received prior to the application of the standard. Moreover, discussions was exchanged among IASB and users of financial statements. IASB decided to introduce a number of amendments that did not necessarily impact the main principles on which the standard was based. IASB ensured that said amendments would not result in lack of user i...

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29 Dec 2020

SOCPA Adopts IASB’s Amendments to IFRS 4

SOCPA Approves IASB’s Amendments on IFRS 4 SOCPA, represented by its Accounting Standards Committee approved IASB’s amendments to IFSR 4 "Insurance Contracts", whereby it extended the temporary exemption granted to insurance companies from the application of IFRS 9, and extended that exemption in concert with the extension of the date of the initial application of the new insurance standard (IFRS 17 “Insurance Contracts”). These amendments can be viewed by cl...

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