2023 - SOCPA

09 Feb 2023

SOCPA Publishes the First Arabic Version of Application Guide of the International Standards of Quality Management ...

SOCPA Publishes the First Arabic Version of Application Guide of the International Standards of Quality Management (1) (2) Among the efforts undertaken by Saudi Organization for Chartered and Professional Accountants (SOCPA) to advance accounting and auditing profession, to enhance the quality of accounting firms, and to transfer specialized knowledge from SOCPA's reliable resources, SOCPA has completed the translation and publication of the first Arabic e-version of the "IFAC Appl...

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31 Jan 2023

SOCPA Comments on Tentative Agenda Decision, Definition of a Lease—Substitution Rights IFRS 16

The International Financial Reporting Standard (IFRS) Interpretations Committee has published a preliminary decision on the definition of a lease when a lessor has the right to replace the leased asset during the lease term, and sought public opinion on this decision. In that preliminary decision, the Committee considered that the definition of a lease contract is achieved when the lessor would not benefit economically from the exercise of its right to substitute the asset throughout t...

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30 Jan 2023

SOCPA Hosts a Workshop on Program of CPAs Quality Control of Professional Performance

On Wednesday, January 25 2023, Saudi Organization for Chartered and Professional Accountants held a workshop on the Program of CPAs Quality Control of Professional Performance. The total number of attendees exceeded 490 of stakeholders and individuals interested in the accounting and auditing profession. The workshop introduced an overview of the quality control of professional performance program, the most prominent updates made to the program, the types of examination and the general provision...

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29 Jan 2023

SOCPA Approves the Updates of the 2021 Version of the International Code of Ethics

As part of the efforts of Saudi Organization for Chartered and Professional Accountants to support the implementation of the International Code of conduct and ethics of the international profession in the Kingdom of Saudi Arabia, SOCPA represented by the Professional Conduct and Ethics Committee has approved the updates of the 2021 version of the Code, and made a number of improvements on the document approving the Code for application in the Kingdom. The updated version included ...

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22 Jan 2023

SOCPA Adopts the International Accounting Standards Board Amendment to the International Accounting Standard No. 1

Saudi Organization for Chartered and Professional Accountants (SOCPA) represented by the Accounting Standards Council approved the amendment made by the International Accounting Standards Board to International Accounting Standard No. 1 related to the classification of liabilities arising from loan arrangements. In these arrangements, the entity has the right to defer settlement of a liability for at least 12 months after the reporting period, and is governed by the entity compliance t...

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19 Jan 2023

SOCPA approves the amendment of the International Accounting Standards Board to International Financial Reporting S...

Saudi Organization for Chartered and Professional Accountants, represented by the Accounting Standards Council, has approved the amendment made by the International Accounting Standards Board to International Financial Reporting Standard No. 16 "Lease Contracts". The amendment to the standard focuses on adding paragraph No. (102a), which reads as follows: "After the commencement date, the seller-lessee shall apply paragraphs 29–35 to the right-of-use asset arising from the ...

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