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27 Apr 2020
SOCPA shared its view on the preliminary decision of IFRS Interpretations Committee on how to measure the right-of-use asset and lease liabilities sale and leaseback transactions with variable payments. It is the opinion of SOCPA that Committee's preliminary decision may conflict the principles established in the standard. It may also conflict with standard's position on the measurement of the right-of-use asset and lease liabilities. SOCPA also submitted a proposal to ame...
20 Apr 2020
IASB issued a significant update to ISA No. 315 "Identifying and Assessing the Risks of Material Misstatement" In accordance with the approved procedures for new or revised versions of standards, SOCPA examined and translated the updated standard. In accordance with said procedures, feedback is required from interested parties on such publication, which can be found on SOCPA's website; encouraging participation in any modification (if any) so that the committee may consider such ...
13 Apr 2020
As part of SOCPA's efforts to provide guidance on the most important international standards that must be observed when preparing and reviewing financial statements during Covid-19, a brief guiding material was published on issues that may be of importance for professional during Covid-19. They are not intended to be exhaustive of all of necessary factors that should be considered during this period. With the exception of certain topics relating to the application of the full version of th...
05 Apr 2020
SOCPA took a series of initiatives to mitigate the financial and economic impact of the crisis so as to support its professionals and entities licensed to practice accounting and auditing. Such efforts are in line with the Kingdom's measures and procedures to address Covid-19; this included deferring collection of annual subscription fees of accounting and auditing offices and entities to the end of 2020, and not enforcing required CPE hours for 2020. In addition to controls relating to w...
29 Mar 2020
The world is currently facing rapid changes related to the spread of the new coronavirus (covid - 19). Countries around the world, including Saudi Arabia, are taking precautionary and preventive measures to reduce the spread of the virus and mitigate its effects. One of the most important precautionary measures taken is limiting face-to-face contact with others as much as possible, including pausing meetings and mixing in workplaces and shopping. Such measures might even nessicates imoisng a f...
15 Mar 2020