AXA Cooperative Insurance Company 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.
In a statement to Tadawul the insurer said that these accounting standards had been implemented since the company was established, adding that no relevant impact will be reflected on its results.
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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