United Wire Factories Company (Aslak) plans to adopt International Financial Reporting Standards (IFRS) by November 30, 2016 the company said in a statement to Tadawul.
The company has hired an external advisor to supervise the transition while an internal team has been selected to support the process.
It also said the transition was proceeding smoothly, adding the first IFRS-based financial statements will be issued for Q1-2017.
Capital Market Authority’s (CMA), the kingdom's market regulator, has set January 1, 2017 as the deadline for IFRS adoption.
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