Shaker Group says IFRS adoption weighed on finances

Al-Hassan Ghazi Ibrahim Shaker (Shaker Group) has reported a SAR 10 million drop in retained earnings after implementing the International Financial Reporting Standards (IFRS), the company said in a statement, adding that minority rights also fell by SAR 7 million.

Shaker took a SAR 12 million goodwill impairment charge to account for the decline in the value of assets.

The new accounting policies also increased end-of-service bonuses by SAR 5 million, weighing on the company’s liabilities