Abdullah A. M. Al-Khodari Sons Company announces progress of transition plan to implement International Financial Reporting Standards (phase 1).
Abdullah A. M. Al-Khodari Sons Company announces the first phase of the progress to implement International Financial Reporting Standards as follows:
1-IFRS transition plan had been prepared. The target date to implement the accounting policies is 30 October 2016.
2-KPMG (Al Fawzan & Partners) had been hired as an IFRS experienced and specialized external consultant.
3-An internal team had been formulated to be responsible for IFRS transition plan and its implementation.
4-As per the date of this announcement, Company did not face any difficulties in relation to IFRS transition plan.
5-Target date for the preparation of the first set of IFRS financial statements is 20 November 2016 where Q1 2016 will be covered by such financial statements.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.