Saudi Kayan says IFRS adoption plan prepared

30/08/2016 Argaam

Saudi Kayan Petrochemical Co. has prepared a plan to ensure that the company transitions its accounting policies in line with International Financial Reporting Standards (IFRS) before the end of this year.

 

The company has hired an external advisor for the transition, while an internal team was also appointed to supervise the process, it said in a statement to Tadawul on Tuesday.

 

The petrochemical producer added that the first IFRS-compliant financial statements for the opening balances as of January 1, 2016, will be prepared by December 31, 2016.

 

The Capital Market Authority (CMA), the kingdom’s market regulator, recently urged Tadawul-listed firms to adopt accounting standards in line with IFRS by January 1, 2017.

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