SOCPA Organizes a Workshop on Software Capitalization and Development in Cooperation with CITC and FSC
The Saudi Organization for Chartered and Professional Accountants (SOCPA) and in cooperation with the Communications and Information Technology Commission (CITC) and the National Committee of Information Technology and Communications of the Federation of Saudi Chambers (FSC), held an interactive workshop on software capitalization and development for tech companies.
The workshop started with a speech by the Deputy Governor of CITC for Emerging Technologies Sector, Mr. Raed Al Fayez, where he stressed the importance of the workshop in introducing tech companies to Intangible Assets Recognition tools and enabling tech companies in the kingdom to include their technical products such as Apps and computer software to the company's capital. Mr. Al Fayez also noted the positive effects of software capitalization, including enhancing competitiveness, contributing to the company's growth and expansion, as well as other future economic benefits.
For his part, the CEO of SOCPA Dr. Ahmed Al-Meghames emphasized in a following speech the organization’s effort to cooperate with the competent authorities to hold such events that lead to the exchange of experiences and expertise as well as updating the tech companies on the latest developments in the fields of accounting and finance.
The workshop's agenda included introducing the accounting standards for software products, recognition requirements for such products, and ways to support tech companies in the research and development phase of software assets. The workshop also included a Q&A segment where the attendees were able to ask and engage in fruitful and interesting discussions about the challenges and opportunities of the field.
It should be noted that this workshop comes in order to strengthen the role of the CITC in regulating the information technology sector and serve its ultimate goal of enabling and enhancing the software market and industry in the kingdom and support digital transformation efforts in all sectors as part of Saudi vision 2030.
