Saudia Dairy and Foodstuff Company’s (Sadafco) plans to issue its first financial statements for Q1-2017 in line with International Financial Reporting Standards (IFRS) are on track, the company said in a statement to Tadawul on Tuesday.
The company has formed an internal team to implement the transition. It also appointed external auditors to review the financial results during the process.
The dairy producer added that it does not expect any difficulties related to the transition plan.
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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