News - SOCPA

23 Jun 2020

Memorandum of understanding between the SOCPA and the Zakat and Income Authority to Ensure compliance of taxpayers ...

On June 23, 2020, SOCPA signed a memorandum of understanding with the General Authority of Zakat and Income to establish a framework for cooperation between the two entities to enhance the compliance with the requirements of Zakat and tax returns. The memorandum aims to cooperate in field visits to accounting offices to ensure compliance with the requirements of Zakat and income, as well as requirements of SOCPA's professional performance quality control program. The memorandum also ...

More

16 Jun 2020

Accounting Standards Committee Approves Amendments to IFRS 16 "Leases" in response to the impact of Covid-19 on Ten...

SOCPA approves the amendment made by IASB to IFSR No. 16 "Leases", which gives tenants an option to deal with the rent reductions granted to them due to the impact of Covid-19, especially the standard is in its early stages of application. These amendments can be viewed by clicking here.

More

15 May 2020

SOCPA Participates in Emerging Economies Group Biannual Meeting

SOCPA participated in IASB's Emerging Economies Group biannual meeting comprised of the G20 countries, held virtually during 11-12 May 2020. The meeting brought together representatives of G20 countries and IASB members . SOCPA was represented by Fahad Al Taimi, Chairman of the Accounting Standards Committee, and Abdulrahman Al Razeen, Assistant Secretary-General of Standards. During the meeting, member states discussed a number of the IASB's ongoing projects. SOCPA's ...

More

11 May 2020

SOCPA holds a workshop on the effects of the Corona pandemic on the preparation and review of financial statements

SOCPA held virtually a workshop on the impact of Covid-19 on the preparation and review of financial statements, in which a number of professionals in the field of accounting and auditing attended the workshop. Accountant Ehsan Amanullah Makhdoom led the workshop and discussed topics of concern during such circumstances. During the workshop accountant Ehsan Amanullah Makhdoom highlighted the most important factors and precautionary measures effecting the preparation and audit o...

More

05 May 2020

SOCPA Shares its Remarks on IASB's Proposal to Amend the Lease standard

SOCPA's participated in providing its views on the IASB's proposal on how a tenants can account for Covid-19-related rent concessions. The amendment states that such concessions can be excluded from the scope of the standard's requirements if they are Covid-19-related. SOCPA agrees with the IASB in principle in regards to enabling renting entities to exclude such concessions from the scope of the standard requirements, as such concessions are granted temporarily for an unfor...

More

05 May 2020

35,000 Beneficiaries of SOCPA Services During Covid-19

SOCPA continues to provide services electronically during Covid-19 to its members and professionals. SOCPA provided from the beginning of the pandemic to the month of May approximately 35,941 electronic services, including notably professional registration and membership, training courses, and professional meetings. SOCPA's Secretary-General Ahmed Al Maghames stressed that SOCPA continues to carry out its duties via electronic means. This is in line with the government's safety meas...

More