Riyadh - Mubasher: Saudi Arabian Amiantit Co. announced its readiness of the conversion of its financial statements to IFRS, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

A Transition plan was already prepared and approved by the Board of Directors in November 2015. The plan is being implemented as foreseen, In accordance with the requirements from the Capital Market Authority, the company said.

“The Audit Committee and the Board of Directors have already been briefed about the major differences between the current accounting policies and the new ones which will be adopted as per IFRS,” It added.

"The impact of the conversion of the opening balance sheet on 1 January 2016 under the new accounting policies is under finalization and will be submitted to the audit committee before year end 2016," the company highlighted.

The group will prepare its first IFRS financial statements dated 31 December 2017, the statement indicated.