eXtra says proceeding with IFRS adoption

25/08/2016 Argaam

United Electronics Co. (eXtra) is planning to adopt International Financial Reporting Standards (IFRS) in line with the Capital Market Authority’s (CMA) requirements, the company said in a statement to Tadawul on Thursday.

 

The home appliance retailer has hired Deloitte & Touche (M.E.) as external advisor for the transition, while an internal team was also appointed to supervise the process.

 

eXtra added that the first IFRS-based financial statements for Q1-2016 will be prepared by December 31.

 

The kingdom’s market regulator has recently called on Tadawul-listed firms to shift their accounting standards in line with IFRS, Argaam earlier reported.

 

The deadline for IFRS adoption has been set for January 1, 2017.

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