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06 May 2021
The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, has studied the extension by the International Accounting Standards Board of the exemption previously granted in 2020 to tenants from applying some of the requirements of IFRS 16 "Leases" in response to the effects of COVID-19, which allows tenants the option to not apply IFRS requirments relating to contract amendment to facilitate the implementation of this IFRS. ...
04 May 2021
The Saudi Organization for Chartered and Professional Accountants signed a Memorandum of Understanding (MoU) with the Association of International Certified Professional Accountants (AICPA), which aims to establish joint cooperation in the field of accounting, auditing, and several professional areas, including supporting the organization of the American Institute of Certified Public Accountants (AICPA) fellowship exams in Saudi Arabia. The MoU will open the dialogue to discuss cooperation opp...
The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, has adopted a limited amendment to the opinion issued by the Committee entitled "Opinion of the Accounting Standards Committee on displaying the impact of zakat and tax on owners' rights in the event of a decline among themselves in bearing the zakat and tax expense in mixed companies", whereby the company is given the choice between displaying the impact of the d...
03 May 2021
With the presence of more than 400 participants, SOCPA held a panel discussion on the Professional Code of Ethics in Islam. The Saudi Organization for Chartered and Professional Accountants (SOCPA) continues to hold more professional panel discussions to introduce the codes of professional behavior and ethics. As part of that effort, SOCPA organized on Saturday 1 May 2021 a panel discussion on the professional code of ethics in Islam. Speaking at the panel was Dr. Mohammed Al Osaim...
02 May 2021
The Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Committee, adopted the standard "financial reporting on liquidation basis: principles and requirements of proof, measurement, presentation and disclosure" and the standard "financial reporting during bankruptcy proceedings: preventive settlement or financial reorganization". This adoption followed a study of the need for the domestic market and the reality of ...
29 Apr 2021
The Saudi Organization for Chartered and Professional Accountants has called on those interested from the general public to submit their opinions and suggestions regarding the draft executive regulations for the law of the accounting and auditing profession, with 20 May 2021 as the deadline for submissions. SOCPA stated that the draft executive regulations aim to explain the basic codes contained in the law of the accounting and auditing profession issued by Royal Decree No. (M / 59) ...