News - SOCPA

18 Aug 2020

Observations Repeatedly Identified in Field Inspections

SOCPA prepared a report on the observations repeatedly identified in field inspections on accounting offices during 2018- 2019. This report aims to provide insight into certain aspects of professional performance of accountants to enable offices to draw on lessons learned that will prevent repeating such observations in future engagements. After reviewing this report, we hope offices will apply their control system and evaluate quality control programs. To view the report click here. &nb...

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06 Jul 2020

SOCPA Resumes its Professional Exams with the Application of Precautionary Measures

SOCPA announced resumption of its professional exams starting from 3 July 2020, calling on those wishing to register to view test schedules and registration dates on its website. The Assistant Secretary-General for membership and Professional Development Musab Al Juaid stated that SOCPA has completed its preparations to resume all professional exams that were previously suspended due to the Covid-19, which include: SOCPA fellowship exam, accounting technician exam, the VAT Specialist exam, the ...

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23 Jun 2020

Memorandum of understanding between the SOCPA and the Zakat and Income Authority to Ensure compliance of taxpayers ...

On June 23, 2020, SOCPA signed a memorandum of understanding with the General Authority of Zakat and Income to establish a framework for cooperation between the two entities to enhance the compliance with the requirements of Zakat and tax returns. The memorandum aims to cooperate in field visits to accounting offices to ensure compliance with the requirements of Zakat and income, as well as requirements of SOCPA's professional performance quality control program. The memorandum also ...

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16 Jun 2020

Accounting Standards Committee Approves Amendments to IFRS 16 "Leases" in response to the impact of Covid-19 on Ten...

SOCPA approves the amendment made by IASB to IFSR No. 16 "Leases", which gives tenants an option to deal with the rent reductions granted to them due to the impact of Covid-19, especially the standard is in its early stages of application. These amendments can be viewed by clicking here.

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15 May 2020

SOCPA Participates in Emerging Economies Group Biannual Meeting

SOCPA participated in IASB's Emerging Economies Group biannual meeting comprised of the G20 countries, held virtually during 11-12 May 2020. The meeting brought together representatives of G20 countries and IASB members . SOCPA was represented by Fahad Al Taimi, Chairman of the Accounting Standards Committee, and Abdulrahman Al Razeen, Assistant Secretary-General of Standards. During the meeting, member states discussed a number of the IASB's ongoing projects. SOCPA's ...

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11 May 2020

SOCPA holds a workshop on the effects of the Corona pandemic on the preparation and review of financial statements

SOCPA held virtually a workshop on the impact of Covid-19 on the preparation and review of financial statements, in which a number of professionals in the field of accounting and auditing attended the workshop. Accountant Ehsan Amanullah Makhdoom led the workshop and discussed topics of concern during such circumstances. During the workshop accountant Ehsan Amanullah Makhdoom highlighted the most important factors and precautionary measures effecting the preparation and audit o...

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