Saudi Arabian Amiantit Co. said the implementation of the International Financial Reporting Standards (IFRS) resulted in a SAR 271 million in asset impairment, and a cut in the company’s liabilities and minority rights by SAR 268 million and SAR 3 million respectively.
However, the new accounting policies had no impact on end-of-year bonuses and pro forma cost of assets, equity as on January 31, 2016, the company said in a statement on Tadawul.
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Impact of IFRS implementation (SAR mln) |
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|
Impact on shareholder equity as of Jan.31, 2016 |
Impact on IFRS-based consolidated statement of income |
Impact on shareholder equity as of Jan. 1, 2016 |
Description |
|
-- |
-- |
-- |
Deconsolidation of subsidiary financials |
|
(6.6) |
(0.8) |
(7.4) |
Accounts receivables retained |
|
-- |
-- |
-- |
Investment property |
|
9.1 |
-- |
9.1 |
End-of-service bonus |
|
322 |
-- |
322 |
Pro forma cost of assets |
|
(114.7) |
66.4 |
(181.1) |
Deduction of long-term accounts receivables at current value |
|
(22) |
22.7 |
(44.7) |
Project revenue |
|
187.8 |
89.9 |
97.9 |
Overall impact |
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