Riyadh – Mubasher:  Four Saudi-listed companies announced their plans to adopt the International Financial Reporting Standards (IFRS).

The four companies are: Middle East Paper Co (MEPCO), United Electronics Co. (eXtra), Takween Advanced Industries and Dallah Healthcare Holding Company, according to bourse filings on Thursday.

The companies stated that they appointed external consultants to implement the transition plan and they did not face any difficulties so far in the transition process toward implementation of IFRS.

Middle East Paper Co (MEPCO) said that its target date for the first financial statement covering the first quarter of 2016 and based on IFRS will be on 31 October, while the target date for adopting IFRS policies will be on 18 October.

United Electronics Co. (eXtra) announced that 30 November is the target date for the opening balances of 2016 based on IFRS, while it will prepare its first Q1-16 financial statement based on IFRS on 31 December.

Takween Advanced Industries stated that the target date to adopt IFRS policies will be on 30 October and it will be reviewed by the company's board and the review committee before the end of 2016.

Dallah Healthcare Holding Company said that the target date to adopt IFRS policies will be on 25 October, while the target date to prepare its first Q1-17 financial statement based on IFRS will be on 31 March 2017.