Arabian Pipes Co. announces its transition plan for the implementation of International Financial Reporting Standards (IFRS)
Arabian pipes co. announces its conversion plan to the International Financial Reporting Standards (IFRS) approved by the Council of the Saudi Organization for Certified Public Accountants which required applying IFRS for the listed companies on the Saudi Stock Exchange starting from January 2017.
1-IFRS transition plan has been approved by the Management.
2-An IFRS conversion consultant AlDar Audit Bureau has been appointed for the IFRS conversion plan of the Company.
3-An internal working team has been formed to be responsible for the IFRS transition plan and its implementation will be done under supervision of the Chief Financial Officer of the Company.
4-Till now there are no challenges or difficulties facing the transition process.
5-The first financial statements to be prepared in accordance with IFRS will be for the first quarter of 2017 (with comparatives for 2016) and is expected to be released on April 2017 in line with the normal deadline.
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.