Umm Al Qura Cement Co. has adopted a plan to transition its accounting policies in line with International Financial Reporting Standards (IFRS) before the end of this year.
An external consultant has been hired to advise on the transition, while an internal team was also appointed to support that process.
The company is aiming to prepare its first IFRS compliant financial statements for Q1-2016 by the end of this year, it added.
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