SIIG says PCC fixed assets likely to drop on IFRS adoption

24/10/2016 Argaam Special

The Saudi Industrial Investment Group (SIIG) expects to see a drop in the fixed assets of Petrochemical Conversion Company Ltd. (PCC), its 50 percent owned subsidiary, following the adoption of the International Financial Reporting Standards (IFRS).

 

Therefore, the value of SIIG’s investments in the financial statements for the first quarter of 2017 is expected to decline, the Saudi company said in a statement to Tadawul.

 

The company has prepared the financial as well as accounting policies in line with the IFRS, and they will be discussed by the board of directors at an upcoming meeting in December.

 

The first IFRS-based financial statements for FY15 will be ready by December, while other quarterly financial statements during FY16 will be prepared before Q1 2017.

 

The kingdom’s Capital Market Authority (CMA) has asked Saudi-listed firms to adopt accounting standards in line with IFRS by January 1, 2017.

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