Saudi Re for Cooperative Reinsurance said on Monday that its financial statements already comply with International Financial Reporting Standards (IFRS), and therefore it will not need to implement any transition plan.
Saudi Re explained in a statement to Tadawul that these accounting standards had been implemented since the company was established, adding that no relevant impact will be reflected on its results.
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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