News - SOCPA

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SOCPA approves the amendments made by the IASB to IFRS No. 3 "Business Combinations", which consisted updating the outdated references to ensure consistency with the updated Conceptual Framework (2018), including definition of assets and liabilities in IFRS 3 are consistent with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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01 Oct 2020

SOCPA Shares its Remarks on the Preliminary Decision of the IFRS Interpretations Committee on Arrangements for the ...

SOCPA shared its remarks on IFRS Interpretations Committee preliminary decision “Supply Chain Financing Arrangements—Reverse Factoring”, whereby the the committee preliminary decided that current standard requirements are satisfactory. The committee requested feedback from subject matter experts on the matter. It is the opinion of SOCPA, in response to the preliminary decision, when an entity transfers suppliers’ due amounts to a financing entity, it derecognizes s...

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21 Sep 2020

SOCPA Shares Remarks on IASB's Draft on "General Presentation and Disclosures"

IASB published a draft to amend IFRS 1 '"General Presentation and Disclosures". The draft included substantial changes in relation to income, in addition to a number of requirements, including the disclosure of unusual transactions and the disclosure of management performance measures. SOCPA, represented by its Accounting Standards Committee, participated in the commentary on the draft and expressed its general support for the proposed classification of income, but stressed the im...

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