Makkah Construction reveals progress on IFRS plan

30/08/2016 Argaam

Makkah Construction and Development Company is planning to adopt a new plan to transition its accounting policies in line with International Financial Reporting Standards (IFRS) before the end of this year, the company said in a statement to Tadawul.

 

The company has hired an external advisor for the transition, while an internal team was also appointed to supervise the process.

 

Makkah added that the first IFRS-based financial statements for Q1will be prepared before the end of this year.

 

The kingdom’s market regulator, the Capital Market Authority (CMA), has recently called on Tadawul-listed firms to shift their accounting standards in line with IFRS. The deadline for IFRS adoption has been set by the CMA for January 1, 2017.

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