News - SOCPA

28 Oct 2021

SOCPA Adopts IASB Amendments on International Accounting Standard No. 12

SOCPA has adopted the IASB's amendments to IAS 12 "income taxes" which aims to exclude transactions that, upon initial proof, lead to an equal amount for taxable and deductible temporary differences from the scope of the exemptions granted by the standard for the proof of temporary differences. This amendment is based on inquiries received by the international interpretation committee on the subject, which concluded that there was inconsistency in such transactions. Th...

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26 Oct 2021

SOCPA Seeks the Views of Interested Parties Regarding the Draft Rules Governing Accounting Services

SOCPA invites interested people and the public to give their opinions and suggestions on the draft rules governing accounting services, until November 11, 2021. The draft rules governing accounting services aim to regulate, license and control the profession of accounting services-as it is one of the branches of the accounting and auditing profession and is of relevance to SOCPA. The draft version and the feedback form can be viewed through the Public Consultation Platform Click here. &n...

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25 Oct 2021

SOCPA Organizes a Focus Group with Accounting Alumni from Saudi Universities

SOCPA, in cooperation with Prince Sultan University (PSU), organized an event as part of the initiative to align education outcomes with labor market requirements under the title "Focus Group with Accounting Alumni from Saudi Universities". The focus group was moderated by Dr. Ziad Al-shanaifi and Dr. Samar Al-Sayed from the Department of Accounting at PSU with the participation of a number of graduates from various Saudi universities. The session opened with a speech by D...

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24 Oct 2021

SOCPA's Executive Director of Membership and Professional Qualification Visits the Oversight and Anti-Corruption Au...

A delegation from SOCPA headed by Dr. Musab Al-Ja'id, the Executive Director of Membership and Professional Qualification, visited the headquarters of The Oversight and Anti-Corruption Authority (Nazaha) in Riyadh. They were received by His Excellency the assistant to the president for International Cooperation Dr. Nasser Aba Al Khail to discuss a number of topics concerning enabling and qualifying accountants in the fields of financial control, detection of financial fraud and anti-corrupti...

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21 Oct 2021

SOCPA conducts a Training Course for Civil Defense Employees

SOCPA carried out a training course for employees of the General Directorate of Civil Defense, which lasted for five days, and dealt with the first level of the transition project to accounting accrual basis. The course aimed to provide participants with the basic knowledge and skills that will enable them to facilitate the transformation of their government entities to accrual accounting. The course focused on familiarizing participants with the strategic framework and objectives of the ...

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20 Oct 2021

SOCPA's Audit Standards Committee Approves Amended ISA No. 220

SOCPA, represented by Audit Standards Committee, approves the amendments introduced by the IASB to ISA No. 220 "Quality Control for an Audit of Financial Statements". Such approval was preceded by an examination of IASB’s amendments, as well as satisfaction of SOCPA’s procedures to follow developments of international standards, and respond to inquiries and issues that are not addressed by international standards. Accordingly, the committee decided to approve the amended...

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