Aldrees reveals Q1 accumulated losses from adopting IFRS 16

05/05/2019 Argaam

Aldrees Petroleum & Transport Services Co.’s accumulated losses resulting after adopting the International Financial Reporting Standards (IFRS) 16 reached SAR 95,708, or 0.016 percent of capital, the firm said in a bourse statement.

 

Aldrees started to implement the IFRS 16 on January 2018, it said, adding that such impact will disappear by the end of Q2 2019.

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