Aldrees Petroleum and Transport Services Co. is planning to adopt International Financial Reporting Standards (IFRS) by October 18, 2016, the company said in a statement to Tadawul.
The company said an external advisor as well as an internal team have been appointed to supervise and implement the transition to IFRS.
Following the transition to the new reporting standards, Aldrees will prepare the first IFRS-based financial statements for the period ending December 31, 2015 on October 31.
The kingdom’s Capital Market Authority (CMA) recently called on Saudi-listed firms to adopt accounting standards in line with IFRS, Argaam earlier reported. The measures aim to help firms shift to the IFRS system by January 1, 2017.
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