Thob Al-Aseel approves IFRS-compliant accounting policies

Thob Al-Aseel Co.’s board of directors approved on Sept. 25 the new accounting policies required for adopting the International the Financial Reporting Standards (IFRS) under the third phase of its transition process starting Jan. 1, 2018.

The employee end-of-service benefits were calculated under the IFRS, the company said in a statement to Tadawul on Sunday.

Thob Al-Aseel did not face any difficulties in transitioning to IFRS and it is ready to announce its financial results for Q1 2018 in compliance with IFRS, the statement added.