Saudi Ground Services Co.’s implementation of the International Financial Reporting Standards (IFRS) has resulted in an increase of SAR 67 million in retained earnings, the company said in a statement to Tadawul on Thursday.
The higher retained earnings is due to an increase in the provision for the end-of- service benefits, and a decrease in the employees’ advance balance by SAR 6.1 million.
The company did not face any difficulties in transitioning to IFRS and it is ready to announce its financial results for Q1-2017 in compliance with IFRS, the statement added.
According to the statement, the company has prepared the IFRS-complaint opening balance for 2016, along with compliant financial statements for the first and second quarters of 2016. The board has ratified the statements on Dec. 25, 2016 as well as the accounting policies related to the transition to the IFRS.
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