Saudi Vitrified Clay Pipes (SVCP) said it has prepared a plan to adopt International Financial Reporting Standards (IFRS) by the end of the year.
The new accounting policies will be approved on October 31, the company said in a statement to Tadawul on Wednesday.
An external advisor was hired for the transition, while an in-house team was appointed to implement the plan.
The pipe manufacturer said its first IFRS-compliant financial statements will be issued for Q1 and Q2-2016 by the end of this year.
The Capital Market Authority (CMA), the kingdom's market regulator, has set January 1, 2017 as the deadline for IFRS adoption.
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