United International Transportation Co. (Budget Saudi) said its financial statements already comply with the new International Financial Reporting Standards (IFRS) and therefore it will not need to implement any transition plan.
The company explained in a statement to Tadawul that it has already released its Q1- 2016 financial results based on the IFRS, and Q1-2017 financial results will be also be based on the new accounting policies.
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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