Riyadh – Mubasher: Etihad Etisalat Company (Mobily) announced that it has already started the process of implementing a transition plan to adopt International Financial Reporting Standards (IFRS).

Mobily formed a qualified internal team assisted by specialized external resources to supervise the preparation and implementation of the transition plan.

The company is expected to issue its financials based on IFRS by the first quarter of 2017, according to a bourse filing on Tuesday.

“The implementation will address IT and network systems complexities related to the specific of telecom industry in addition to the interpretations of the various reconciliations between current and IFRS accounting principles,” the statement said.

Mobily stated that it has adopted a more prudent approach toward applying certain IFRS principles since 2015 .