Saudi Ceramics Company Announces the Progress on the IFRS Conversion Project (Third Phase)
Further to the company announcements in Tadawul regarding the conversion of the financial statements to IFRS the latest was on 29/12/2016, Saudi Ceramic Company wishes to announce the following:
1-The statements in line with IFRS have been prepared for the opening balances as at 1 January 2016 First quarter 2016 Second quarter 2016 and the Third quarter 2016.
2-The effects on the financial statements as a result of implementing the IFRS are not significant.
3-There are no hindrances that might affect the Company ability to prepare its IFRS financial statements, except the stated in the company announcement on 30/8/2016 regarding the availability of the IFRS compliant financial statements for its associates, since these associates are required to provide the IFRS compliant financial statements starting from 1/1/2018. The company is taking the necessary steps to comply.
4-The Company confirm its readiness to prepare its IFRS financial statements for 2017 first quarter within the applicable regulatory period.
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