Arabia Insurance Cooperative Co.’s (AICC) financial statements are already compliant with the International Financial Reporting Standards (IFRS) as the company implemented these accounting policies since its founding, the insurer said in a statement to Tadawul.
The Saudi Capital Market Authority (CMA) has requested Tadawul-listed firms to update their accounting systems to be in line with the global standard of the IFRS, in an attempt to enhance transparency and attractiveness of the Saudi market.
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