SPIMACO hires KPMG to advise on IFRS plan

29/08/2016 Argaam

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) has prepared a plan to adopt International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Monday.

 

The pharmaceutical producer has hired KPMG Al Fozan & Partners and Alsadhan to advise it on the transition.

 

It also appointed an internal team to supervise the process.

 

SPIMACO explained that the transition was proceeding smoothly, adding that the first IFRS-based financial statements for the first and second quarters of 2016 will be prepared by November 30.

 

Saudi Arabia had earlier set January 1, 2017 as deadline for adoption. 

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