2020 - SOCPA

31 Dec 2020

SOCPA Adopts the Amendments of the International Board on a Number of Standards as a Result of the Adoption of the ...

The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, adopted the amendments made by the International Accounting Standards Board on a number of its standards as a result of its completion and approval of the second phase of its project called “Replacement of the reference interest rate - the second phase.” These amendments covered both the International Financial Reporting Standard 9 and the International Accounting Sta...

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30 Dec 2020

SOCPA Approves IASB’s amendments to IFRS 17

SOCPA, represented by its Accounting Standards Committee, adopted IASB’s amendments to IFRS 17, where a number of observations and application challenges were received prior to the application of the standard. Moreover, discussions was exchanged among IASB and users of financial statements. IASB decided to introduce a number of amendments that did not necessarily impact the main principles on which the standard was based. IASB ensured that said amendments would not result in lack of user i...

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29 Dec 2020

SOCPA Adopts IASB’s Amendments to IFRS 4

SOCPA Approves IASB’s Amendments on IFRS 4 SOCPA, represented by its Accounting Standards Committee approved IASB’s amendments to IFSR 4 "Insurance Contracts", whereby it extended the temporary exemption granted to insurance companies from the application of IFRS 9, and extended that exemption in concert with the extension of the date of the initial application of the new insurance standard (IFRS 17 “Insurance Contracts”). These amendments can be viewed by cl...

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28 Dec 2020

SOCPA Shares Remarks on IASB's Paper on Business Combination (Goodwill, and Impairment)

In implementation of its policy to support active engagement with IASB following the transition to international standards, SOCPA represented by its Accounting Standards Committee shared its remarks on IASB's paper on business combinations, discussing the possibility of introducing additional disclosure requirements to provide information to users on the performance of acquired entities so as to hold management accountable for those acquisitions. IASB explored how to account for goodwill, a...

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24 Dec 2020

SOCPA Issues a Manual for Professional Registration and Membership

SOCPA has provided professionals in all economic sectors in the Kingdom of Saudi Arabia the opportunity to be a member of an inclusive professional entity by obtaining the membership thereof. This is in line with international practice, where there are professional bodies supported by the State that develop the profession while observing quality, professional conduct, and ethics. To this end, SOCPA invites all professional to register for its membership to benefit from many of the services of...

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23 Dec 2020

SOCPA Provides a Translation of Accounting Costs - Part 2

SOCPA completed the translation of "Cost accounting – Part II", authored by Sirikant Datar and Madhav Rajan, upon obtaining the approval of the publisher “Pearson Education”. The book is considered an important reference that discussed cost accounting including strategy, balanced measurement of performance, pricing decisions, cost management, cost allocation, client profitability, service departments, joint costs, revenues, as well as range of important topics. ...

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