Riyadh-Mubasher: The Saudi Telecom Company (STC) started its plan of conversion to International Financial Reporting Standards (IFRS) during 2014, according to a bourse statement.

Such action came after the adoption of Saudi Organization of Certified Public Accountants (SOCPA) for the IFRS, in cooperation with experts to implement the conversion project, then the adoption of the plan by STC’s board.

The conversion plan to the IFRS was approved, with target dates at this phase like the adoption of the company accounting policies in September 2016.

The telecom operator allocated the necessary resources and expenditure for this project and contracted with an external consulting companies to work on the project through its various phases, and then begin the phases of implementing the IFRS.

“A high level steering committee has been formed to oversee the project, and other working groups by the company and consultants has been formed include a qualified experts specializing in this field,” the company said.

STC is currently completing the procedures that will enable it to issue the final consolidated financial statements of 2016 to be audited by the external auditor, thus facilitating the implementation of IFRS process during the first quarter of 2017.