Al Hassan Ghazi Ibrahim Shaker said a plan to adopt International Financial Reporting Standards (IFRS) was approved by its board of directors on December 25, 2015.
The new accounting policies will be approved on November 30, the company added in a statement to Tadawul on Monday.
An external advisor was hired for the transition, while an internal team was also formed to supervise that process.
Shaker also said the transition process was underway, adding that the first IFRS-based financial statements will be issued for Q1-2017. The Q1-2016 figures will be restated under IFRS by the end of this year.
The Capital Market Authority (CMA), the kingdom’s market regulator, recently urged Tadawul-listed firms to adopt accounting standards in line with IFRS by January 1, 2017.
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