2023 - SOCPA

23 Aug 2023

SOCPA Issues the Translated Version of "Long Association of Personnel with an Audit Client"

Among all the efforts undertaken by Saudi Organization for Chartered and Professional Accountants (SOCPA) to advance the profession of accounting and auditing, to enhance the quality of services provided by independent auditors, and stemming from SOCPA's keenness to transfer specialized knowledge from reliable sources, SOCPA has completed translating and issuing the electronic Arabic version of "Long Association of Personnel with an Audit Client" by International Federation of Acco...

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21 Aug 2023

SOCPA Comments on IFRS Interpretations Committee's Tentative Agenda Decision – Merger between a Parent and its Subs...

The Interpretations Committee of the International Accounting Standards Board (IASB) has published a tentative agenda decision on an inquiry into the accounting approach of a merger of a parent company with its subsidiary. SOCPA, represented by the Accounting Standards Council, agrees that the parent entity controlled the subsidiary before the merger and, consequently, the merger is not a business combination in accordance with IFRS 3. Therefore, IFRS 3 should not be applied. Instead, a parent e...

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20 Aug 2023

SOCPA Comments on the ISSB Exposure Draft

The International Sustainability Standards Board (ISSB) considered that the standards previously issued by the Sustainability Accounting Standards Board (SASB), which has now merged into the International Sustainability Standards Board, will serve as the main guide for entities that will apply international sustainability standards for different economic sectors. This is after introducing limited revisions to the measurements in the standards, mainly related to amending references to laws specif...

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16 Aug 2023

SOCPA Participates in the Regular Meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum ...

Saudi Organization for Chartered and Professional Accountants (SOCPA) participated in the fifth regular meeting of the Accounting Standards of Belt and Road Cooperation Countries Forum in China that was held in Xiamen City on July 25, 2023. The meeting was intended to exchange views on the participants experiences related to the application of the International Standards and comments on new topics in the profession. During the meeting, the current experience of Cambodia in converting to the Inte...

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15 Aug 2023

SOCPA Launches the Electronic Filing Service of Annual Data for Licensed Accounting Service Providers

Alongside the digital transformation taking place in the Kingdom, Saudi Organization for Chartered and Professional Accountants (SOCPA) launched the "Electronic Filing of Annual Data". This service allows licensed accounting service providers to provide SOCPA with the required annual data and information in an electronic form easily at any time and from anywhere. This service comes within the framework of SOCPA's efforts to digitally transform its services to achieve the highest...

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14 Aug 2023

New Amendments to SOCPA Professional Exams Regulations and Updates on the Fellowship Exam Topics

Saudi Organization for Chartered and Professional Accountants (SOCPA) made amendments to the general regulations of professional exams to comply with the requirements of the computer-based exam service provider (National Center for Assessment). The amendments included a fixed duration for postponing all professional exams to be no later than 30 days before the start of the exam cycle. SOCPA also made some updates on its fellowship exam topics to be up-to-the-minute with the latest professional d...

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