The Gulf General Cooperative Insurance Company (Gulf General) said on Tuesday that its financial statements have been compliant with International Financial Reporting Standards (IFRS) since the company was incorporated, and therefore it will not need to implement any transition plan.
The insurer said in a statement to Tadawul that hence 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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