Takween Advanced Industries Co. is planning to adopt International Financial Reporting Standards (IFRS) by October 30, 2016, the company said in a statement to Tadawul.
The company said external advisors and an internal team have been appointed to supervise and implement the transition to the new reporting standards.
Once the transition is complete, Takween will prepare the first IFRS-based financial statements for Q1-2016 by October 30, 2016.
Results for the FY-2017 will also be prepared, which will compare to FY-2016 earnings.
The kingdom’s market regulator, the Capital Market Authority (CMA), recently called on Saudi-listed firms to adopt accounting standards in line with IFRS.
The measures aim to help firms shift to the IFRS system by January 1, 2017.
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