2023 - SOCPA

25 Dec 2023

SOCPA Alerts Public Prosecution Over Forged Certificates

SOCPA has detected several forged certificates submitted by several applicants seeking its membership. Consequently, their membership applications were denied, and Public Prosecution was alerted of the violation. SOCPA works to limit the use and submission of forged certificates and ensure the integrity and credibility of the documents and information it receives. SOCPA continues its efforts to enhance transparency and integrity in its operations by taking firm measures. This action is ta...

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24 Dec 2023

SOCPA Approves Amendment to IFRS 21

SOCPA, represented by the Accounting Standards Board, has approved the limited amendment made by the International Accounting Standards Board (IASB) to IFRS 21 "The Effects of Changes in Foreign Exchange Rates". The objective of this amendment is to clarify when a currency is not exchangeable for another foreign currency and to provide requirements on how to determine the exchange rate in such circumstances. Previously, SOCPA, through the Accounting Standards Board, commented on the ...

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20 Dec 2023

SOCPA Approves International Accounting Standard (7) Amendment, with Consequential Adjustment to IFRS (7)

SOCPA, represented by the Accounting Standards Committee, has approved the limited amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard No. 7, along with a consequential amendment to International Financial Reporting Standard 7 "Financial Instruments: Disclosures." Previously, SOCPA, through the Accounting Standards Committee, had commented on the proposed amendment mentioned above and initially agreed with the project in principle...

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19 Dec 2023

SOCPA to Translate International Sustainability Standards

The Saudi Organization for Chartered and Professional Accountants (SOCPA) signed an agreement with the International Financial Reporting Standards (IFRS) Foundation this December to translate the International Sustainability Standards issued by the International Sustainability Standards Board (ISSB). This initiative comes in response to the IFRS Foundation's request, affirming Saudi Arabia's leadership in the accounting and auditing profession in the Arab world. SOCPA has demonstrated a...

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18 Dec 2023

SOCPA Approves Amendment to IAS 12 and Section 29 of the IFRS for SMEs

SOCPA, represented by the Accounting Standards Board, has approved the amendment made by the International Accounting Standards Board (IASB) to International Accounting Standard (IAS) 12 "Income Taxes" and Section 29 of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs). The purpose of this amendment is to grant an exception to entities from the requirement to recognize or disclose deferred taxes resulting from the application of tax laws ...

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17 Dec 2023

SOCPA Expresses Its View on an IFRIC Tentative Decision

The International Accounting Standards Board (IASB) has published a draft tentative decision by the International Financial Reporting Interpretations Committee (IFRS IC) on how to apply the requirements of IFRS 3 "Business Combinations" related to payments linked to continued employment during the transitional phase of a business combination. The IFRIC has tentatively decided not to address the inquiry, considering that the issue is not widespread. The Saudi Organization for Chartered...

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