Al-Samaani set to issue IFRS-compliant financial statements

31/12/2017 Argaam

 

Nomu-listed Al-Samaani Factory for Metal Industries Co. (Al-Samaani) said its plan to adopt the International the Financial Reporting Standards (IFRS) under the third phase of its transition process is on track.

 

The firm’s board of directors on Dec. 27 approved the IFRS-compliant financial and accounting policies, which will be implemented as of Jan. 1, 2018.

 

The company has implemented the IFRS transition plan without any significant challenges.

 

Al-Samaani is ready to issue IFRS-compliant results for Q1 2018 in time, it said.

 

No significant impact is expected on financial statements due to the IFRS implementation.

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