Middle East Specialized Cables Co. (MESC) is planning to adopt International Financial Reporting Standards (IFRS) under a new plan by November 20, 2016, the company said in a statement to Tadawul.
The company plans to hire an external advisor for the transition on September 4. An internal team has already been appointed to handle the process.
The first IFRS-based financial statements will be prepared for Q1-2017 after financials are re-issued for Q1-2016.
The kingdom’s market regulator, the Capital Market Authority (CMA) has recently called on Tadawul-listed firms to adopt accounting standards in line with IFRS.
The deadline for IFRS adoption has been set for January 1, 2017.
Comments
{{DisplayName}}
{{ElapsedTime}}