Riyadh – Mubasher: Saudi Electricity Co’s (SEC) board approved on Wednesday the updated financial policies to prepare the financial statements as per the International Financial Reporting Standards (IFRS).

The conversion to IFRS raised the retained earnings by SAR 1.29 billion by the beginning of January 2016, according to a bourse filing on Thursday.

Net book value of fixed assets increased SAR 6.03 billion, as a result for the re-estimation of the production useful life.

Moreover, net government’s loan-related grants decreased SAR 3.69 billion, while the end-of-service provision fell SAR 1.05 billion.

The company expected a positive impact for the re-estimation of the fixed assets’ useful life on the depreciation expenses, the statement said.