Riyadh – Mubasher: Qassim Cement announced on Thursday that it planning to adopt the International Financial Reporting Standards (IFRS).

The targeted date for updating and adopting the IFRS policy and for the first Q1 financial statement based on IFRS will be before the end of 2016, according to a bourse filing.

The company appointed an external advisor and an internal team to implement the transition plan.

The cement company did not face any difficulties so far in the transition process toward implementation of IFRS, the statement said.