Saudi Cement Co. has approved a plan to adopt International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Tuesday
The cement producer hired an external advisor for the transition to the new accounting standards, while an internal team was also appointed to supervise the process.
The first IFRS-based financial statements for Q1-2016, and an opening balance sheet (as of January 1, 2016), will be prepared by November 2016, the statement added.
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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