News - SOCPA

18 Dec 2023

SOCPA Approves Amendment to IAS 12 and Section 29 of the IFRS for SMEs

SOCPA, represented by the Accounting Standards Board, has approved the amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard (IAS) 12 "Income Taxes" and Section 29 of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs). The purpose of this amendment is to grant an exception to entities from the requirement to recognize or disclose deferred taxes resulting from the application of tax laws ...

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17 Dec 2023

SOCPA Expresses Its View on an IFRIC Tentative Decision

The International Accounting Standards Board (IASB) has published a draft tentative decision by the International Financial Reporting Interpretations Committee (IFRS IC) on how to apply the requirements of IFRS 3 "Business Combinations" related to payments linked to continued employment during the transitional phase of a business combination. The IFRIC has tentatively decided not to address the inquiry, considering that the issue is not widespread. The Saudi Organization for Chartered...

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12 Dec 2023

SOCPA Participates in Request for Information Document Regarding the Implementation of IFRS 15

The International Accounting Standards Board (IASB) has published a Request for Information document concerning issues identified in the application of IFRS 15 "Revenue from Contracts with Customers." SOCPA, represented by the Accounting Standards Board, has shared its perspective on the topics presented in the paper. SOCPA believes that the standard requires more practical guidance on complex issues related to revenue recognition, including the identification of performance obli...

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12 Dec 2023

SOCPA Launches "Peer Review Service" Initiative for Accounting Firms

SOCPA has introduced a new initiative named "Peer Review Service," aimed at enhancing the quality management system of accounting firms and improving the methodology/implementation of professional services in these firms. This initiative seeks to assist accounting firms in obtaining an independent assessment of their quality management systems and the methodology/implementation of professional services applied by colleagues who are sufficiently experienced to tr...

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11 Dec 2023

SOCPA Approves Amendment to "Presentation and Disclosure Standard for Financial Statements of Non-Profit Organizati...

SOCPA, represented by the Accounting Standards Board, has approved an amendment to the Presentation and Disclosure Standard for Financial Statements of Non-Profit Organizations. This approval follows the established SOCPA procedures for updating standards, which included conducting a survey of local realities, international best practices, and the perspectives of interested and specialized parties. Workshops were held with relevant entities, specifically the General Authority for Awqaf and the...

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06 Dec 2023

SOCPA Discusses Joint Cooperation with Saudi Anti-Fraud Association

On Monday, December 4, 2023, SOCPA received a delegation from the Saudi Anti-Fraud Association to discuss ways of joint cooperation in the field of financial fraud prevention. This meeting is part of SOCPA's efforts to collaborate with other entities in combating financial fraud and raising community awareness about the risks of financial fraud and how to combat it to protect the public interest. During the meeting, SOCPA and Anti-fraud Association discussed ways to exchange expertise...

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