Al Alamiya for Cooperative Insurance Co. said on Tuesday that its financial statements already comply with International Financial Reporting Standards (IFRS), and therefore it will not need to implement any transition plan.
The insurer said in a statement to Tadawul that IFRS standards had been implemented since incorporation, 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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