The Accounting Standards Board of SOCPA holds its Periodic Meeting and Adopts a Number of Updates on the Approved Standards
The Accounting Standards Board of Saudi Organization for Chartered and Professional Accountants (SOCPA) held its periodic meeting on Tuesday 13/12/2022, headed by the Chairman of the board, Mr. Jihad bin Muhammad Al-Omari. During the meeting, a number of subjects on the agenda were discussed. This included, reviewing a recommendation of the board Executive Committee regarding the introduction of a number of improvements to the standard of financial reporting based on liquidation in the light of what was found by the Committee through the application of the standard since its issuance. After deliberation, the Board decided to incorporate a number of improvements to the standard. Moreover, the Board also reviewed the recommendations of its Executive Committee related to the adoption of the amendments made by the International Accounting Standards Board to a number of standards, as the Board approved the amendments made to the International Accounting Standard No. 1 "Presentation of Financial Statements" related to covenants. Furthermore, the Board approved the amendments made to the International Accounting Standard No. 16 "Leases" relating to the subsequent measurement of rents from leaseback transactions. In addition, the board approved its work plan for the year 2023, and reviewed reports of members participation in a number of meetings of international committees and gatherings in which SOCPA is a member.