Mubasher TV
Contact Us Advertising   العربية

Five KSA-listed firms to adopt IFRS

Five KSA-listed firms to adopt IFRS
The firms did not face any difficulties so far in the process toward implementation of IFRS- (Photo Credit: Arabianeye-Reuters)
Bishah Agriculture
6080
-10.00% 69.75 -7.75
CITY CEMENT
3003
16.86% 20.38 2.94
Default Company
1301.O
0.00% 0.00 0.00

A.OTHAIM MARKET
4001
2.62% 13.34 0.34
TECO
4170
39.68% 0.88 0.25

Riyadh – Mubasher:  Five Saudi-listed companies announced their plans to adopt the International Financial Reporting Standards (IFRS) before the end of 2016.

The five companies are: Bishah Agriculture Development, Tourism Enterprises Company (Shams), United Wire Factories Company (Aslak), Abdullah Al Othaim Markets and City Cement.

The firms, except Bishah, stated that they appointed external consultants to implement the transition plan and they did not face any difficulties so far in the process toward implementation of IFRS, according to bourse filings on Sunday.

Bishah Agriculture Development did not appoint an external consultant, as it has a sufficient internal team to accomplish the transition process.

It added that the targeted date for the first financial statement based on IFRS will be on 31 March 2017, which will cover the first quarter of 2017.

Tourism Enterprises Company (Shams) said that work is in progress to prepare FY 2015 statements based on IFRS before the end of the year.

United Wire Factories Company (Aslak) said that the target date for the first financial statement based on IFRS will be on the first quarter of 2017, while City Cement will release IFRS-based Q1-16 financials before end-2016.

The target date for the first financial statement for the first and second quarters of 2016 based on IFRS will be on 30 November, Abdullah Al Othaim Markets said.