News - SOCPA

29 Jan 2023

SOCPA Approves the Updates of the 2021 Version of the International Code of Ethics

As part of the efforts of Saudi Organization for Chartered and Professional Accountants to support the implementation of the International Code of conduct and ethics of the international profession in the Kingdom of Saudi Arabia, SOCPA represented by the Professional Conduct and Ethics Committee has approved the updates of the 2021 version of the Code, and made a number of improvements on the document approving the Code for application in the Kingdom. The updated version included ...

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22 Jan 2023

SOCPA Adopts the International Accounting Standards Board Amendment to the International Accounting Standard No. 1

Saudi Organization for Chartered and Professional Accountants (SOCPA) represented by the Accounting Standards Council approved the amendment made by the International Accounting Standards Board to International Accounting Standard No. 1 related to the classification of liabilities arising from loan arrangements. In these arrangements, the entity has the right to defer settlement of a liability for at least 12 months after the reporting period, and is governed by the entity compliance t...

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19 Jan 2023

SOCPA approves the amendment of the International Accounting Standards Board to International Financial Reporting S...

Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Council, has approved the amendment made by the International Accounting Standards Board to International Financial Reporting Standard No. 16 "Lease Contracts". The amendment to the standard focuses on adding paragraph No. (102a), which reads as follows: "After the commencement date, the seller-lessee shall apply paragraphs 29–35 to the right-of-use asset arising from the ...

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18 Jan 2023

CPA Australia and SOCPA Sign a Letter of Intent to Elevate Accounting Profession

Saudi Organization for Chartered and Professional Accountants (SOCPA) and CPA Australia signed a letter of intention to advance the accounting profession, in a way that enhances cooperation and understanding between the two parties. This cooperation aims to maintain and consolidate professional and educational standards, and to leverage the profession internationally. Cooperation between the two parties includes having discussions and negotiations on membership, which facilitates the admission ...

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17 Jan 2023

SOCPA Makes Several Amendments to the Liquidation Basis Financial Reporting Standard

Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Accounting Standards Board, has made a number of amendments to the Liquidation Basis Financial Reporting Standard: Principles and Requirements for Recognition, Measurement, Presentation and Disclosure." These amendments were based on a survey conducted by SOCPA of the users opinion of the standard more than a year after its issuance.Among the most important amendments to the standard is a num...

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17 Jan 2023

SOCPA Issues the Training Programs Guide for 2023

In light of SOCPA efforts to provide the best training programs that contribute to training in the field of accounting and auditing in public and private sectors and to qualify applicants for SOCPA professional examinations, a comprehensive guide for training programs has been developed to include all programs that SOCPA intends to implement during the year 2023 (1444-1445 AH). It is intended that this guide will contribute to providing the required information about the various training progra...

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