Riyadh – Mubasher: Al Tayyar Travel Group Holding announced that the transition plan to the IFRS, approved by the board on 8 December 2015, is in progress, based on the recommendation of the audit committee on 20 October 2015.

The company noted that a draft for the financial statements that include all the financial policies based on the IFRS is being prepared to get the final approval of the board and the audit committee before the end of the year.

Al Tayyar appointed KPMG Al Fozan & Partners as an external consultant to supervise the transition process, adding to forming an internal team to collect the important financial data.

The company did not face any difficulties so far in the process toward implementation of IFRS, according to bourse filings on Tuesday.