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News

16 Jan 2025

SOCPA Adopts IFRS 19 for Implementation in Saudi Arabia

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Accounting Standards Board, has adopted the International Accounting Standards Board's IFRS 19 for implementation in Saudi Arabia. The standard primarily aims to simplify financial statement preparation mechanisms and systems while reducing costs for non-publicly accountable subsidiaries when preparing their financial statements in accordance with the full IFRS, provided that the parent entity (int...

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14 Jan 2025

SOCPA Adopts IFRS 18 for Implementation in Saudi Arabia

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Accounting Standards Board, has adopted the International Accounting Standards Board's IFRS 18, which replaces International Accounting Standard (IAS) 1. This adoption involves significantly reviewing and developing parts of the standard while maintaining certain presentation and disclosure requirements and transferring other requirements to relevant International Financial Reporting Standards (suc...

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31 Dec 2024

SOCPA Issues 2025 Training Programs Guide

SOCPA has released its comprehensive 2025 training programs guide, outlining all planned accounting and auditing training initiatives for the upcoming year. The guide details programs aimed at both public and private sectors, including preparation courses for SOCPA's professional examinations. It provides complete information about program topics, schedules, locations, and fees. The new guide covers the period of 2025 (1446-1447 H) and serves as a comprehensive resource for all SOCPA trai...

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23 Dec 2024

SOCPA Presents its Views on Developing Examples for Reporting Climate Effects and Other Uncertainties in Financial ...

  The International Accounting Standards Board (IASB) has published an exposure draft for developing examples on reporting climate effects and other uncertainties in financial statements.  The proposed examples aim to provide guidance on how to apply specific requirements in international standards that enhance the relevance of information presented in financial statements and provide information about such effects within financial statements. SOCPA's Accounting Standards Cou...

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19 Dec 2024

SOCPA Shares Its View on IFRS 19 Amendment

  The International Accounting Standards Board (IASB) has published an Exposure Draft to update the recently issued IFRS 19, aiming to align its requirements with updates made to the full version of International Financial Reporting Standards that were adopted after the initial adoption of this standard. SOCPA, represented by its Accounting Standards Council, considered these amendments appropriate and suggested several improvements to the requirements that would reduce the cost for ent...

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15 Dec 2024

SOCPA Publishes Names of New VAT Specialist Certificate Holders

The Saudi Organization for Chartered and Professional Accountants (SOCPA) is pleased to congratulate those who earned the VAT Specialist Certification in the fourth cycle of 2024. We wish them continued success and growth in their professional careers.   To view the list of certification recipients, click​ here.    

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Last Update On: 01 Jul 2021