Methanol Chemicals Company (Chemanol) will be ready to issue financial statements for Q1-2017 in line with International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Tuesday.
Chemanol explained that it has already prepared draft financial statements for FY-2015 and Q1-2016 that comply with the new accounting standards.
No relevant impact will be reflected on the company's results as a result of the transition to IFRS, it added.
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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