News - SOCPA

01 Jan 2024

SOCPA Issues Professional Examinations Guide for 2024

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has issued a guide for professional examinations, covering all the exams SOCPA plans to conduct during 2024 (1445-1446 AH). The guide includes information on the SOCPA Fellowship Exam, the Accounting Technician Exam, the Value-Added Tax Specialist Exam, the International Financial Reporting Standards (IFRS) Certification Exam, the professional certification exams for the Government Accounting and Auditing Training Program...

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01 Jan 2024

SOCPA Approves Amendment on Non-Assurance Services for Audit Clients

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Professional Ethics Committee, has approved an amendment made by the International Ethics Standards Board for Accountants (IESBA) to the sections related to the provision of non-assurance services to audit clients in the International Code of Ethics for Professional Accountants. The primary aim of this amendment is to enhance the international independence standard by addressing public stakeholders'...

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25 Dec 2023

SOCPA Alerts Public Prosecution Over Forged Certificates

SOCPA has detected several forged certificates submitted by several applicants seeking its membership. Consequently, their membership applications were denied, and Public Prosecution was alerted of the violation. SOCPA works to limit the use and submission of forged certificates and ensure the integrity and credibility of the documents and information it receives. SOCPA continues its efforts to enhance transparency and integrity in its operations by taking firm measures. This action is ta...

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24 Dec 2023

SOCPA Approves Amendment to IFRS 21

SOCPA, represented by the Accounting Standards Board, has approved the limited amendment made by the International Accounting Standards Board (IASB) to IFRS 21 "The Effects of Changes in Foreign Exchange Rates". The objective of this amendment is to clarify when a currency is not exchangeable for another foreign currency and to provide requirements on how to determine the exchange rate in such circumstances. Previously, SOCPA, through the Accounting Standards Board, commented on the ...

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20 Dec 2023

SOCPA Approves International Accounting Standard (7) Amendment, with Consequential Adjustment to IFRS (7)

SOCPA, represented by the Accounting Standards Committee, has approved the limited amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard No. 7, along with a consequential amendment to International Financial Reporting Standard 7 "Financial Instruments: Disclosures." Previously, SOCPA, through the Accounting Standards Committee, had commented on the proposed amendment mentioned above and initially agreed with the project in principle...

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19 Dec 2023

SOCPA to Translate International Sustainability Standards

The Saudi Organization for Chartered and Professional Accountants (SOCPA) signed an agreement with the International Financial Reporting Standards (IFRS) Foundation this December to translate the International Sustainability Standards issued by the International Sustainability Standards Board (ISSB). This initiative comes in response to the IFRS Foundation's request, affirming Saudi Arabia's leadership in the accounting and auditing profession in the Arab world. SOCPA has demonstrated a...

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