News - SOCPA

11 Oct 2020

SOCPA Approves the IASB’s Amendments on IAS No.16

SOCPA approved the amendments made by IASB to IAS 16 "Property, Plant and Equipment", prohibiting a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss. It should be noted that amendment was initially based on a proposal submitted by SOCPA to IASB. The amendment was con...

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08 Oct 2020

SOCPA Approves IASB's Amendments to IFRS 3

SOCPA approves the amendments made by the IASB to IFRS No. 3 "Business Combinations", which consisted updating the outdated references to ensure consistency with the updated Conceptual Framework (2018), including definition of assets and liabilities in IFRS 3 are consistent with said framework. These amendments can be viewed by clicking here.

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01 Oct 2020

SOCPA Shares its Remarks on the Preliminary Decision of the IFRS Interpretations Committee on Arrangements for the ...

SOCPA shared its remarks on IFRS Interpretations Committee preliminary decision “Supply Chain Financing Arrangements—Reverse Factoring”, whereby the the committee preliminary decided that current standard requirements are satisfactory. The committee requested feedback from subject matter experts on the matter. It is the opinion of SOCPA, in response to the preliminary decision, when an entity transfers suppliers’ due amounts to a financing entity, it derecognizes s...

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21 Sep 2020

SOCPA Shares Remarks on IASB's Draft on "General Presentation and Disclosures"

IASB published a draft to amend IFRS 1 '"General Presentation and Disclosures". The draft included substantial changes in relation to income, in addition to a number of requirements, including the disclosure of unusual transactions and the disclosure of management performance measures. SOCPA, represented by its Accounting Standards Committee, participated in the commentary on the draft and expressed its general support for the proposed classification of income, but stressed the im...

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18 Aug 2020

Observations Repeatedly Identified in Field Inspections

SOCPA prepared a report on the observations repeatedly identified in field inspections on accounting offices during 2018- 2019. This report aims to provide insight into certain aspects of professional performance of accountants to enable offices to draw on lessons learned that will prevent repeating such observations in future engagements. After reviewing this report, we hope offices will apply their control system and evaluate quality control programs. To view the report click here. &nb...

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06 Jul 2020

SOCPA Resumes its Professional Exams with the Application of Precautionary Measures

SOCPA announced resumption of its professional exams starting from 3 July 2020, calling on those wishing to register to view test schedules and registration dates on its website. The Assistant Secretary-General for membership and Professional Development Musab Al Juaid stated that SOCPA has completed its preparations to resume all professional exams that were previously suspended due to the Covid-19, which include: SOCPA fellowship exam, accounting technician exam, the VAT Specialist exam, the ...

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