ACCA And SOCP A Relation In Riyadh

Major players in Riyadh’s accounting scene include ACCA and SOCPA. Both the Association of Chartered Certified Accountants (ACCA) and the Saudi Organization for Chartered and Professional Accountants (SOCPA) work to promote and maintain high accounting and auditing standards in Saudi Arabia. Because of the strengthened relationship between the two organisations, all Saudi Organisation for Chartered and Professional Accountants (SOCPA) members are now eligible to receive seven ACCA Qualification test papers waived. This blog by MHA (Mirchawala’s Hub Of Accountancy) is going to talk about this topic in detail to let you know everything about the relations of ACCA and SOCPA in Riyadh and how it affetcs the economical environment.

Thanks to this partnership, which aims to bolster the accounting profession in the Kingdom, SOCPA members are no longer required to take more than half of the thirteen exams required to become ACCAs. After they finish the last six exams, they can join ACCA.

Growing Trend of ACCA in Riyadh

ACCA members visited the SOCPA offices in Riyadh to finish accrediting the SOCPA papers. This followed a thorough examination of the syllabus, which matched the SOCPA papers to the ACCA exam papers. Documents that are not subject to this requirement are: 

• Accounting for the Management of Technology and Businesses 
• Performance Management, Financial Accounting, and Corporate and Business Law 

As ACCA is growing, the need for some good ACCA tutioning is also growing, Riyadh is developing as an Accountacy hub while many istitues such as Mirchawala’s Hub Of Accountancy are working on the tutioning and the learning of the students of Riyadh, MHA has had a great time in Pakistan and now it aims for the students globally.

Importance Of ACCA And SOCPA Relationship

Ahmed bin Abdullah Al-Meghames, secretary general of SOCPA, stated that the fellowship’s effectiveness led to ACCA accreditation and extended exemptions. The advancements made by the accounting and auditing profession in the Kingdom are reflected in it. According to SOCPA, these changes directly result from its mandates to forge partnerships and cooperate with worldwide professional organisations.

Improvements In The ACCA Profession

With the Association of Chartered Certified Accountants (ACCA) as its professional partner, SOCPA has joined forces. As part of the collaboration, the ACCA will waive some exam questions for SOCPA fellowship recipients; the two organisations will design new professional credentials and work together to create field-training programmes that lead to jobs at large accounting firms. 

Performance reviewers and those responsible for continual professional quality control can also get assistance from the ACCA. Along with working together to promote small and medium professional enterprises (SMPs), the relationship will involve doing research, organising joint seminars and events, and working together on other projects. MHA has also been working on the betterment of the ACCA members as they have been providing the best ACCA tuitions in Pakistan and now globally. 

The SOCPA CEO, Dr. Ahmed bin Abdullah Al-Maghamis, and the ACCA Middle East Head, Ms. Fazeela Gopalani, signed the pact. During the event, Dr. Ahmed bin Abdullah Al-Maghamis, CEO of SOCPA, stated that SOCPA’s desire to learn from foreign organisations and improve cooperation is the driving force behind this agreement.

Increasing the Number of Global Alliances

In addition, he mentioned that SOCPA would keep working to broaden its global alliances to bolster the Kingdom’s accounting and auditing industry, train its members to adapt to new demands in the industry, and more. He elaborated by saying that these agreements facilitate the acquisition of globally recognised professional certificates by young Saudis and that this, in turn, helps supply the skilled labour force required by different economic sectors, improving the accuracy of financial reports, and raising the Kingdom’s profile abroad. 

Increase In Commitment to the Profession

“We are pleased to sign this partnership, which enhances our commitment to the profession within the Kingdom and marks the beginning of a successful partnership,” stated Ms Fazeela Gopalani, Head of ACCA Middle East. Together with the Saudi Organisation for Chartered and Professional Accountants (SOCPA), we are excited to launch several programmes and projects to elevate the quality of accounting and financial reporting in Saudi Arabia and train future experts in these fields.

Notable among international accounting organisations, the Association of Chartered Certified Accountants (ACCA) has been around since 1904 and counts 181 nations among its members.

Financial Reporting Framework in Saudi Arabia

Publication of financial statements in compliance with IFRS (International Financial Reporting Standards) is a requirement of the banking and insurance regulator for all Saudi Arabian financial institutions having shares listed on the Saudi Stock Exchange. 

Listed and unlisted businesses in Saudi Arabia must adhere to the accounting standards set out by the Saudi Organisation for Certified Public Accountants (SOCPA). Royal Decree established the SOCPA in 1992. It runs under the watchful eye of the Commerce Ministry. 

Here are some of its goals: 

• Conduct research into and ultimately approve accounting standards (the Accounting Standards Committee is responsible for this at SOCPA). 
• Examine, draft, and authorise auditing standards (the Auditing Standards Committee of SOCPA is responsible for this). 

Improvements In Financial Statements Because Of ACCA and SOCPA Collaboration

Listing firms were required to use the “national standards that are closely converged with full IFRSs” for financial statements prepared for financial periods starting on 1 January 2017 as part of an International Financial Reporting Standards (IFRS) transition project that the SOCPA began in 2012 and finished in 2016. Financial statements prepared for fiscal periods beginning on 1 January 2018 (early adoption beginning in 2017 permissible, provided a company is part of a listed group) will also need to comply with International Financial Reporting Standards (IFRS) for SMEs as adopted in Saudi Arabia, a new requirement for unlisted firms.

Standards As Per International Financial Reporting Standards (IFRS)

Issued by the SOCPA, “National standards that are closely converged with full IFRSs” are essentially IFRSs with certain options removed and disclosure requirements added. The SOCPA has also endorsed additional standards and pronouncements that address topics not addressed by IFRSs but are relevant in Saudi Arabia, such as religious considerations. The International Financial Reporting Standards (IFRS) for Small and Medium-sized Enterprises (SMEs) have also been updated to include more disclosure obligations.

Conclusion 

The partnership between Riyadh’s ACCA and SOCPA illustrates the complementary nature of global accounting standards and national oversight. Accounting education, practice, and regulation in Riyadh are unified thanks to ACCA’s internationally recognised credentials and SOCPA’s involvement in establishing and enforcing Saudi context-specific standards. By working together, we can boost Riyadh’s accountants’ trustworthiness and competence while strengthening Saudi Arabia’s financial sector. The accounting profession in Riyadh and beyond can only benefit from the joint efforts of ACCA and SOCPA. Stay tuned to MHA for more blogs regarding ACCA and the economical landscape of the world, we provide the best ACCA tutions, we provide the best and the latest ACCA information.