Trade Union says financial statements comply with IFRS

30/08/2016 Argaam

Trade Union Cooperative Insurance Co. said on Tuesday that its financial statements already comply with International Financial Reporting Standards (IFRS), and therefore it will not need to implement a transition plan.

 

The insurer explained in a statement to Tadawul on Tuesday that the accounting standards had been implemented since the company was established, adding that no relevant impact will be reflected on its results.

 

Saudi Arabia's market regulator, the Capital Market Authority (CMA), had earlier called on Tadawul-listed companies to adopt new accounting standards in line with IFRS by January 1, 2017.

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