News - SOCPA

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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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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