Riyadh - Mubasher: Saudi Electricity Company’s (SEC) announced a plan to implement the International Financial Reporting Standards (IFRS) by 30 November.

The electricity company appointed an experienced external consultant, to supervise and implement the transition process, according to a bourse filing on Thursday.

The target date for the first financial statements based on IFRS is on December 2016 and March 2017, which will cover the quarter and annual results of 2016.

The company noted that it did not face any difficulties so far in the transition process towards the implementation of (IFRS), the statement said.