Tourism Enterprise Co. (Shams) is planning to adopt International Financial Reporting Standards (IFRS) under a new plan before the end of 2016, the company said in a statement to Tadawul.
The company has hired an external advisor for the transition, while an internal team was also appointed to supervise the process.
IFRS-based financial statements for the fiscal year 2015 will be prepared before the end of this year, the statement added.
The kingdom’s market regulator has recently called on Tadawul-listed firms to adopt 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.
Comments
{{DisplayName}}
{{ElapsedTime}}