Salama says accounting policies are IFRS-compliant

Salama Cooperative Insurance Co.’s (Salama) accounting policies have been compliant with the International Financial Reporting Standards (IFRS) since the company was established, the insurer said in a statement to Tadawul.

The Saudi Capital Market Authority (CMA) has requested all listed firms to update their accounting systems to be in line with the global standard of the IFRS, in an attempt to enhance transparency and attractiveness of the Saudi market.