News - SOCPA

27 Oct 2020

SOCPA Shares its Remarks on the IASB’s Information Request on Updating IFRS for SMEs

In preparation for the update of the IFRS for SMEs, IASB published a document that contained a number of questions to collect information on the best approach to update the standard to ensure its compliance with the requirements of the entire collection of IFRS. SOCPA’s Accounting Standards Committee examined the document and carried out deliberation thereon with interested parties so as to provide feedback. The committee affirmed the importance of developing the standard according to the...

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18 Oct 2020

Cooperation agreement between SOCPA and the Local Content and Government Procurement Authority

SOCPA and the Local Content and Government Procurement Authority recently signed a cooperation agreement to develop a framework for cooperation between the two bodies to qualify accounting offices to perform auditing and accounting of the local content ratio of private sector entities. The agreement aims to achieve cooperation in providing support and advice on the mechanisms of auditing local content, qualifying accounting offices to conduct auditing and accounting proced...

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14 Oct 2020

SCOPA Approves IASB's Periodic Improvements on International Standards (2018-2020)

SOCPA approved the periodic improvements made by IASB for 2018-2020 cycle, whereby periodic and limited improvements are made on the IFRS requirements to facilitate application. Periodic improvements is an appropriate mechanism to address efficiently with necessary small adjustments to IFSR. IASB made the following improvements on the following standards: Standard Edit subject IFRS 1: First-time Adoption of International Financial Reporting Standards...

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12 Oct 2020

SOCPA Approves the IASB’s Amendments of on IAS No. 37

SCOPA approved the amendments made by the IASB to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets". The amendments were limited to clarifying "cost of fulfilling a contract" when determining onerous contracts. These amendments can be viewed by clicking here.

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11 Oct 2020

SOCPA Approves the IASB’s Amendments on IAS No.16

SOCPA approved the amendments made by IASB to IAS 16 "Property, Plant and Equipment", prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss. It should be noted that amendment was initially based on a proposal submitted by SOCPA to IASB. The amendment was con...

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08 Oct 2020

SOCPA Approves IASB's Amendments to IFRS 3

SOCPA approves the amendments made by the IASB to IFRS No. 3 "Business Combinations", which consisted updating the outdated references to ensure consistency with the updated Conceptual Framework (2018), including definition of assets and liabilities in IFRS 3 are consistent with said framework. These amendments can be viewed by clicking here.

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