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.