Taiba Holding Co. plans to adopt International Financial Reporting Standards (IFRS) before January 1, 2017, the company said in a statement to Tadawul on Monday.
The company has hired an external advisor for the transition, while an internal team was also appointed to supervise the process.
The first IFRS-based quarterly financial statements for FY16 will be prepared before year-end, the statement added.
The Capital Market Authority (CMA), the kingdom’s market regulator, recently urged Tadawul-listed firms to adopt accounting standards in line with IFRS by January 1, 2017.