The Saudi Organization for Chartered and Professional Accountants (SOCPA) participated in the World Standard-Setters Conference organized annually by the International Accounting Standards Board (IASB), which was held remotely on Monday and Tuesday, 26 - 27 September 2022. Representing SOCPA at the conference was the CEO Dr. Ahmed bin Abdullah Al-Mughams, and the Chairman of the Accounting Standards Board, Mr. jihad bin Mohammed al-Omari.
On the agenda of this year's conference was the discussion of the Post-implementation Review (PIR) of some standards, namely IFRS 9 and IFRS 15.
The conference also discussed setting standards for Financial Instruments with the Characteristics of Equity (FICE) which will impact both IFRS 7 and IAS 32. Another topic was developing an accounting model for Dynamic Risk Management, which was also discussed by the attendees. The conference also reviewed the revision of the Third edition of the IFRS for SMEs Accounting Standard and the disclosures audit on the standards.
The board reviewed several of its research projects, including the Equity Method project, Extractive Activities project, and Business Combinations under Common Control project.
It should be noted that SOCPA, represented by the Accounting Standards Board, actively participates in IASB activities and events by expressing its technical opinion on the council's projects and the Interpretations Committee projects. In addition, SOCPA is the official translator of the Board's publications that are posted on its website.