Al-Omran Industries and Trading Co. has finished preparing its accounting policies in compliance with the International the Financial Reporting Standards (IFRS), the firm said in a statement to Tadawul.
The board of directors will approve these policies in January 2018.
The opening statements were prepared according to the IFRS as of Jan. 1, 2017, which raised the employees’ incentives provision by SAR 1.1 million, while the retained earnings dropped.
So far, the company did not face any challenges in implementing the IFRS, it said.
The company is ready to prepare its financial statements in compliance with the IFRS for Q1 2018 within the regulatory timeframe, the statement added.
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