Shareholder equity drops after Southern Cement adopts IFRS
Southern Province Cement Co. has reported a SAR 7.7 million drop in shareholders’ equity after increasing provisions for employee benefits. This follows the implementation of the International Financial Reporting Standards (IFRS) for statements as of Jan. 1, 2016.
However, the new accounting policies have no impact on financial statements, the company said in a statement on Tadawul.
The first IFRS-based financial results, those for Q1 2017, will be released as scheduled, it added.