Al-Omran Industries says transition to IFRS complete

27/09/2017 Argaam

Al-Omran Industries & Trading Co. said on Wednesday that it has completed phase II of the transition to International Financial Reporting Standards (IFRS).

 

Relevant accounting criteria are being prepared, and will be approved by the board of directors next November. 

 

Following the transition to the new reporting standards, the company will prepare the first IFRS-based financial statements for Q1-2018 during the regulatory period set by the Saudi market regulator.

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