Nama Chemicals Co. has recorded SAR 631 million in fixed asset impairment following the implementation of International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Monday.
The epoxy producer also recorded SAR 24 million in amortization of intangible assets and SAR 18 million from a decline in the value of available-for-sale (AFS) investments.
Meanwhile, other provisions were adjusted and other expenses reclassified, Nama Chemicals said, adding that it is ready to issue its first IFRS-based financial statements for Q1 2017.
Saudi-listed firms were required by Capital Market Authority (CMA), the kingdom’s market regulator, to adopt accounting standards in line with IFRS by Jan. 1, 2017.
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