News - SOCPA

06 Mar 2023

SOCPA Holds a Workshop to Discuss the Project of Updating of the International Financial Reporting Standard for SME...

On Thursday March 2 2023, Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Council, held a workshop to discuss the project of updating the International Financial Reporting Standard for Small and Medium Enterprises (SMEs) issued by the International Accounting Standards Board (IASB). The project aims to align a number of the standard requirements with the full version of international standards, especially with regard to the updates m...

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01 Mar 2023

SOCPA Participates in IFAC Chief Executives’ Forum

Saudi Organization for Chartered and Professional Accountants participated in the Chief Executives Forum organized by the International Federation of Accountants (IFAC), on Monday and Tuesday 27-28 February 2023. Ms Asmaa Resmouki, IFAC president, gave the opening remarks, and a number of CEOs from international professional bodies participated in the Forum. During the Forum sessions over the course of two days, the challenges facing the profession in attracting and retaining professionals were ...

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15 Feb 2023

SOCPA Organizes a "Brainstorming Workshop" to Advance the Accounting Sector

On February 14 2023, Saudi Organization for Chartered and Professional Accountants (SOCPA) organized a "brainstorming workshop" that brought together a number of SOCPA members of Board of Directors, experts, academics, certified accountants, students, and professionals in the accounting and auditing profession in the Kingdom. This workshop aims to discuss the challenges facing the profession, and come up with major strategic initiatives that have an impact on the accounting and a...

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09 Feb 2023

SOCPA Publishes the First Arabic Version of Application Guide of the International Standards of Quality Management ...

SOCPA Publishes the First Arabic Version of Application Guide of the International Standards of Quality Management (1) (2) Among the efforts undertaken by Saudi Organization for Chartered and Professional Accountants (SOCPA) to advance accounting and auditing profession, to enhance the quality of accounting firms, and to transfer specialized knowledge from SOCPA's reliable resources, SOCPA has completed the translation and publication of the first Arabic e-version of the "IFAC Appl...

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31 Jan 2023

SOCPA Comments on Tentative Agenda Decision, Definition of a Lease—Substitution Rights IFRS 16

The International Financial Reporting Standard (IFRS) Interpretations Committee has published a preliminary decision on the definition of a lease when a lessor has the right to replace the leased asset during the lease term, and sought public opinion on this decision. In that preliminary decision, the Committee considered that the definition of a lease contract is achieved when the lessor would not benefit economically from the exercise of its right to substitute the asset throughout t...

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30 Jan 2023

SOCPA Hosts a Workshop on Program of CPAs Quality Control of Professional Performance

On Wednesday, January 25 2023, Saudi Organization for Chartered and Professional Accountants held a workshop on the Program of CPAs Quality Control of Professional Performance. The total number of attendees exceeded 490 of stakeholders and individuals interested in the accounting and auditing profession. The workshop introduced an overview of the quality control of professional performance program, the most prominent updates made to the program, the types of examination and the general provision...

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