Arab Sea adjusts FY17 opening balances in line with IFRS

Arab Sea Information Systems Co. said it has adjusted its opening balance as of Jan. 1, 2017 in accordance with the International Financial Reporting Standard (IFRS) 3.

The amendments will have no material effect on Arab Sea’s financials, the Nomu-listed company said in a bourse statement.

Arab Sea is currently working on adjusting its financial position as of March 31, 2017, June 30, 2017 and Sept. 30, 2017.

Preparation of IFRS-compliant financial position will be complete by March 31, while IFRS compliant accounting policies will be approved by the board of directors during their next meeting on Jan. 31, the statement added.