Riyadh – Mubasher: Al Khaleej Training and Education said that the conversion to the International Financial Reporting Standards (IFRS) resulted in an increase in end-of-service provision by SAR 33 million.
As per the actuary valuation, the opening balance for the retained earnings decreased by the same sum as of 1 January, 2016, according to a bourse filing on Monday.
Moreover, applying IFRS led to a fall in the accumulative depreciation by around SAR 7.5 million, which in contrary resulted in a rise in the opening balance for the retained earnings decreased by the same sum as of 11 January, 2016.
The Saudi-listed firm expected to issue its initial financial statements for the first three quarters of 2016, prepared according to the IFRS, compared to the same quarters of 2017 in March.
