News - SOCPA

05 May 2020

SOCPA Shares its Remarks on IASB's Proposal to Amend the Lease standard

SOCPA's participated in providing its views on the IASB's proposal on how a tenants can account for Covid-19-related rent concessions. The amendment states that such concessions can be excluded from the scope of the standard's requirements if they are Covid-19-related. SOCPA agrees with the IASB in principle in regards to enabling renting entities to exclude such concessions from the scope of the standard requirements, as such concessions are granted temporarily for an unfor...

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05 May 2020

35,000 Beneficiaries of SOCPA Services During Covid-19

SOCPA continues to provide services electronically during Covid-19 to its members and professionals. SOCPA provided from the beginning of the pandemic to the month of May approximately 35,941 electronic services, including notably professional registration and membership, training courses, and professional meetings. SOCPA's Secretary-General Ahmed Al Maghames stressed that SOCPA continues to carry out its duties via electronic means. This is in line with the government's safety meas...

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30 Apr 2020

SOCPA and the General Authority of Customs Hold a Workshop on the Standard on Related Services 4400

On 30 April 2020, SCOPA in collaboration with the General Authority of Customs, held virtually a workshop to discuss "procedures and rules for implementing procedures agreed by the independent auditor in accordance with the relevant services standard 4400" with the participation of a number of representatives of the two agencies in addition to a number of certified accountants. The workshop began with remarks made by His Excellency the Undersecretary of t...

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27 Apr 2020

SOCPA Provides Remarks on the Preliminary Decision of the International Standards Interpretations Committee

SOCPA shared its view on the preliminary decision of IFRS Interpretations Committee on how to measure the right-of-use asset and lease liabilities sale and leaseback transactions with variable payments. It is the opinion of SOCPA that Committee's preliminary decision may conflict the principles established in the standard. It may also conflict with standard's position on the measurement of the right-of-use asset and lease liabilities. SOCPA also submitted a proposal to ame...

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20 Apr 2020

A Call for Feedback on the Application of the Revised ISA No. 315 "Identifying and Assessing the Risks of Material ...

IASB issued a significant update to ISA No. 315 "Identifying and Assessing the Risks of Material Misstatement" In accordance with the approved procedures for new or revised versions of standards, SOCPA examined and translated the updated standard. In accordance with said procedures, feedback is required from interested parties on such publication, which can be found on SOCPA's website; encouraging participation in any modification (if any) so that the committee may consider such ...

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13 Apr 2020

SOCPA Issues Guiding Material on the Impact of Covid-19 on the Preparation and Review of Financial Statements

As part of SOCPA's efforts to provide guidance on the most important international standards that must be observed when preparing and reviewing financial statements during Covid-19, a brief guiding material was published on issues that may be of importance for professional during Covid-19. They are not intended to be exhaustive of all of necessary factors that should be considered during this period. With the exception of certain topics relating to the application of the full version of th...

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