Bishah Agriculture Development Co. is planning to adopt International Financial Reporting Standards (IFRS) under a new plan starting from January 1st, 2017, the company said in a statement to Tadawul.
The company has not hired an external advisor for the transition, as it has arranged for an internal team to handle the process.
Bishah added that the first IFRS-based financial statements for Q1-2017 will be prepared by March 31, 2017.
The kingdom’s market regulator has recently called on Tadawul-listed firms to shift their accounting standards in line with IFRS.
The deadline for IFRS adoption has been set by the kingdom's Capital Market Authority (CMA) for January 1, 2017.
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