2024 - SOCPA

26 Jun 2024

SOCPA Releases 2024 Updated Edition of IFRS Standards

In a move to strengthen the adoption of International Financial Reporting Standards (IFRS) in Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has published the complete updated edition of IFRS standards for 2024. This release, made in partnership with the International Accounting Standards Board (IASB), aligns with SOCPA’s commitment to supporting global financial reporting practices within the Kingdom. The updated edition, effective as of J...

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26 Jun 2024

Second Edition of the Accounting Solutions Hackathon Launched

The Saudi Organization for Chartered and Professional Accountants (SOCPA) has announced the opening of registration for the second edition of the Accounting Solutions Hackathon. This initiative aims to provide professionals interested in the accounting field an opportunity to participate in creating technological solutions to advance the accounting and auditing professions. This year’s hackathon aligns with the upcoming Accounting Technologies Conference in October a...

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13 Jun 2024

SOCPA Participates in IASB's Emerging Economies Group Meeting

SOCPA, represented by its Accounting Standards Council, participated in the periodic meeting of the International Accounting Standards Board's (IASB) Emerging Economies Group, held in China from May 28-29, 2024. SOCPA was represented at the meeting by Accounting Standards Council members Mr. Abdulrahman Al-Aqeel and Mr. Ali Al-Basri who attended in person, while Dr. Abdulrahman Al-Razeen, Executive Director of Professional Standards, participated virtually. The meeting discussed se...

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10 Jun 2024

SOCPA Presents Its Views on ISA 240 Update

The International Auditing and Assurance Standards Board (IAASB) has published an Exposure Draft to update International Standard on Auditing 240, "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements." The update aims to clarify the auditor's role and responsibilities regarding fraud in financial statement audits by enhancing the standard's content to emphasize the appropriate level of professional skepticism during audit procedure...

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04 Jun 2024

SOCPA Comments on Proposed Ethics Standards Updates for Sustainability Assurance

The International Ethics Standards Board for Accountants (IESBA) has published an exposure draft proposing updates to the International Code of Ethics for Professional Accountants. The Board proposes adding Part 5 to cover requirements for compliance with ethics and independence standards for sustainability assurance engagements and reporting. This initiative responds to the global transformation and increasing stakeholder demand for sustainability-related information. The exposure dra...

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21 May 2024

SOCPA Publishes the 2023 Edition of the International Code of Ethics for Professional Accountants on Its Website

As part of its efforts to support the implementation of the International Code of Ethics for Professional Accountants in the Kingdom of Saudi Arabia, the Saudi Organization for Chartered and Professional Accountants (SOCPA) has published the 2023 edition of the International Code of Ethics for Professional Accountants (including International Independence Standards) adopted in the Kingdom of Saudi Arabia. This edition includes several enhancements to the translation of the...

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