Development Works for Food has started implementing the third phase of transition to International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Sunday.
The Q1 2017 financial statements were prepared according to IFRS, while the remaining quarterly statements will be ready by April 30, 2018 before issuing Q1 2018 figures.
Meanwhile, there is no material impact on the company’s results due to adoption of IFRS, the statement added.
The company will prepare the first IFRS-based financial statements for Q1 2018 during the regulatory period set by the Saudi market regulator.
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