Takween Advanced Industries announces the phases to transits to IFRS standards (Second Phase)
In reference to Takween Advanced Industries announcement on Tadawul dated 25/8/2016G related to company transition to IFRS standards, the company herein states the following:
The company is still in the preparation process of transition plan and working as per the determined schedule and timeline, where all IFRS related information and data were provided to the consultation office appointed for leading the transition plan.
The company is still working with the consultation office (Master Mind for consultation) to manage the transition project.
The company did not face any major challenges related to the transition to IFRS standards.
The company is still on target to prepare its first IFRS financial statements on December 31, 2017 with comparative balances as of December 31, 2016, and the first IFRS summarized quarter financials under IFRS on March 31, 2017.