Abo Moati set to issue IFRS-compliant financial statements

27/12/2017 Argaam

 

Nomu-listed Abdulla Saad Abo Moati for Bookstore Company (Abo Moati) said its plan to adopt the International the Financial Reporting Standards (IFRS) under the third phase of its transition process is on track.

 

The first and second phases were completed successfully, and the firm’s board of directors has approved the IFRS-compliant financial and accounting policies on Dec. 26.

 

The opening statements were prepared according to the IFRS as of April 1, 2017, (the beginning of the firm’s fiscal year), the statement said.

 

The financial statements for the remaining period of the current fiscal year ending on March 31, 2018, will be prepared according to IFRS and will be issued by June 30, 2018.

 

The company is ready to prepare its financial statements in compliance with the IFRS for Q1 (three months ending on June 30, 2018) of the fiscal year ending on March 31, 2019, in time, the statement added.

 

No significant impact is expected on the company's financial statements due to the IFRS implementation.

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