Nomu-listed firms told to disclose IFRS transition plan

The Saudi Organization for Certified Public Accountants (SOCPA) has asked companies listed on Nomu Parallel Market to disclose the phases of implementing the International Financial Reporting Standards (IFRS) on the Saudi stock Exchange (Tadawul) website, the Capital Market Authority (CMA) said in a statement on Monday.

Nomu listed entities must disclose the progress of their IFRS implementation according to the following schedule:

From July 1, 2017 to Aug. 1, 2017, they should disclose whether an IFRS transition plan has been prepared, an external IFRS accountant hired, and whether an internal team was formed to handle the transition.

From Sep. 1, 2017 to Oct. 1, 2017, the companies should disclose whether the accounting policies necessary for the preparation of the IFRS compliant financial statements were approved, and the target date, in case they haven’t been approved.

From Dec. 1, 2017 to Dec. 31, 2017, they should disclose the audited IFRS opening statement of the financial position as of the IFRS transition date.