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Tasnee says implementation of IFRS in full swing

Tasnee says implementation of IFRS in full swing
Tasnee appointed (KPMG) Al-Fawzan & Partners external consultants to accomplish the transition process- (Photo Archive)
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Riyadh – Mubasher: National Industrialisation Co. (Tasnee) announced that the implementation of the International Financial Reporting Standards (IFRS) is in a full swing, despite facing difficulties.

Due to large scale complex operations, certain requirements of IFRS have required significant efforts for planning and execution for instance decompensation of plant and equipment and spare parts in addition to the actuarial valuation for the employees’ terminal benefits, according to a bourse filing on Sunday.

The Saudi-listed company noted that despite all the aforementioned inherent challenges, its management believes that the project is progressing in the right direction and as planned.

The company prepared a project plan and formed a steering committee and internal team responsible for transition and implementation of IFRS.

Tasnee appointed (KPMG) Al-Fawzan & Partners external consultants to accomplish the transition process, the statement said.

The company is working on preparing first financial statement based on IFRS on November, which will cover the opening balances and the period ended on 31 March 2016.