News - SOCPA

21 Jul 2024

SOCPA Provides Feedback on Amendments to IFRS 3 and IAS 36

The Saudi Organization for Chartered and Professional Accountants (SOCPA) recently shared its response to proposed amendments to International Financial Reporting Standard 3 (IFRS 3) and International Accounting Standard 36 (IAS 36). These amendments, published by the International Accounting Standards Board (IASB), address disclosures, goodwill, and impairment testing. After a detailed review by its Accounting Standards Board, SOCPA expressed support for the proposed disclosures on...

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16 Jul 2024

SOCPA Completes Translation of International Sustainability Standards

At the request of the International Financial Reporting Standards (IFRS) Foundation and in line with the agreement signed between the two organizations, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has completed the translation of the International Sustainability Standards. The IFRS Foundation has published the translated version on its website, making it publicly accessible. It is worth noting that these International Sustainability Standards ...

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08 Jul 2024

SOCPA Launches Leadership Development Program

This July, the Saudi Organization for Chartered and Professional Accountants (SOCPA) launched its Leadership Development Program, an initiative that first opened for registration in January. The program is designed for Saudi professionals specializing in accounting and finance roles across the government, private sector, and accounting firms, aiming to equip them with essential leadership skills and qualities. The program’s focus includes building effective lea...

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26 Jun 2024

Second Edition of the Accounting Solutions Hackathon Launched

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has announced the opening of registration for the second edition of the Accounting Solutions Hackathon. This initiative aims to provide professionals interested in the accounting field an opportunity to participate in creating technological solutions to advance the accounting and auditing professions. This year’s hackathon aligns with the upcoming Accounting Technologies Conference in October a...

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26 Jun 2024

SOCPA Releases 2024 Updated Edition of IFRS Standards

In a move to strengthen the adoption of International Financial Reporting Standards (IFRS) in Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has published the complete updated edition of IFRS standards for 2024. This release, made in partnership with the International Accounting Standards Board (IASB), aligns with SOCPA’s commitment to supporting global financial reporting practices within the Kingdom. The updated edition, effective as of J...

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13 Jun 2024

SOCPA Participates in IASB's Emerging Economies Group Meeting

SOCPA, represented by its Accounting Standards Council, participated in the periodic meeting of the International Accounting Standards Board's (IASB) Emerging Economies Group, held in China from May 28-29, 2024. SOCPA was represented at the meeting by Accounting Standards Council members Mr. Abdulrahman Al-Aqeel and Mr. Ali Al-Basri who attended in person, while Dr. Abdulrahman Al-Razeen, Executive Director of Professional Standards, participated virtually. The meeting discussed se...

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