News - SOCPA

10 Dec 2020

SOCPA Participates in IASB’s Emerging Economies Group Meeting

SOCPA participated in the biannual meeting of IASB’s Emerging Economies Group, discussing accounting standards from the point of view of emerging economies with aim to establish accounting standards that increase the level of transparency, accountability, and effectiveness of financial markets. The meeting was held virtually from 30 November – 1 December 2020. A number of topics were discussed in the meetings, including: Disclosure Initiative—Accounting Policies Disclosure...

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03 Dec 2020

SOCPA Publishes Names of New VAT Specialist Certificate Holders

SOCPA would like to congratulate the recipients of the certificate of a specialist Value-Added Tax (Second Cycle 2020) and wishes them further success in their careers. To view the list of recipients, click here.

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02 Dec 2020

SOCPA issues a Manual for Memberships

SOCPA has provided professionals in all economic sectors in the Kingdom of Saudi Arabia the opportunity to be a member of an inclusive professional entity by obtaining the membership thereof. This is in line with international practice, where there are professional bodies supported by the State that develop the profession while observing quality, professional conduct, and ethics. To this end, SOCPA invites all professional to register for its membership to benefit from many of the services of...

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29 Nov 2020

SOCPA holds a round table meeting to discuss the draft financial report criteria for enterprises entering into bank...

As part of procedures for adopting financial report standards for enterprises that enter into a bankruptcy procedures or optional or judicial liquidation, a round table was held with the participation of bankruptcy trustees registered with the bankruptcy committee, and relevant supervisory bodies, which included the Ministry of Commerce, the Capital Market Authority, the Saudi Arabian Monetary Authority, and Commercial Court. SOCPA held the meeting virtually on 26 November 2020. The meeting was ...

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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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