Ash-Sharqiyah Development fully offsets accumulated losses on implementing IFRS

14/05/2017 Argaam

Ash-Sharqiyah Development Co.’s accumulated losses have been fully offset on booking additional retained earnings of SAR 154.14 million, due to implementing the International Financial Reporting Standards (IFRS), it said in a statement to Tadawul.

 

The company booked the value of reclaimed land from a government land grant that was not valued or recorded before. This had a positive impact on retained earnings, the statement said.

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