Al Omran Industrial and Trading Company announces the stages of the transition plan for international accounting standards (IFRS)
A reference to the plan of transition to the International Accounting Standards adopted by the Board of Directors of the Saudi Organization for Certified Public Accountants, which applies the International Accounting Standards starting from 1/1/2018,
The Company is currently preparing a transition plan for the application of International Accounting Standards. The target date for updating and adopting accounting policies is at the end of December 2017
It has appointed ALDAR - Abdullah Al Basri & Partners (Grant Thornton KSA) to assist in the transition to international accounting standards
It also formed an internal team to be responsible for the transformation plan and its implementation
The company faces no difficulties in the transformation process