Reference to Capital Market Authority CMA announcement dated 21/08/2016, for the transition plan to adopt the International Financial Reporting Standards (IFRS), Saudi Industrial Services Company (SISCO) would like to announce IFRS transition progress as follows:
- A complete IFRS transition plan has been prepared to assure the transition to the IFRS.
- (SRCO Professional Corporation ) were assigned as external consultant to support the implementation stages of the transition to IFRS.
- An internal team, headed by Chief Financial Officer is formed, in order to be responsible for the implementation of the transition plan and to provide the external consultant with all the requirements to complete the transition plan.
- The accounting policies will be approved by the board before end of 2016 to assure the transition to the IFRS before 01/01/2017.
- Currently SISCO does not face any difficulties in IFRS Transition Plan.
- 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 in line with the normal deadline.