GASCO says SAR 16 mln drop in retained earnings on IFRS

28/03/2017 Argaam

National Gas & Industrialization Co. (GASCO) has reported a SAR 16.2 million drop in retained earnings due to the implementation of the International Financial Reporting Standards (IFRS) on financial statements as of January 1, 2016.

 

GASCO took SAR 16.2 million in provisions for the staff end-of-service benefits, due by the IFRS adoption, the company said in a statement on Saudi bourse, Tadawul.

 

Following the transition to the new reporting standards, the company will prepare the first IFRS-based financial statements for Q1-2017 during the set regulatory period.

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