Amana Insurance accounting policies are IFRS-compliant
Amana 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 the statements were not in accordance with the accounting standards issued by the Saudi Organization for Certified Public Accountants as described in the audit report and in related disclosures.
The IFRS-complaint standards had been implemented since the company was established.
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.