Hail Cement Co. is expected to incur SAR 3.8 million in depreciation as a result of a transition to the International Financial Reporting Standards (IFRS), the cement manufacturer said in a statement to Saudi bourse, Tadawul.
The company has hired an external consultant and set up an internal team to advice on the transition process.
The first IFRS-compliant statements will be issued to reflect FY16 results, the statement added.
Saudi Arabia's market regulator, the Capital Market Authority (CMA), has asked all Tadawul-listed companies to adopt new accounting standards in line with IFRS by January 1, 2017.
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