Riyadh – Mubasher: L’azurde Company for Jewelry announced that its board approved the transition plan to the International Financial Reporting Standards (IFRS) on 4 May.
The company appointed PricewaterhouseCoopers (PwC) as an external consultant on 9 June for the preparation of the SOCPA vs IFRS gap analysis report, including recommendations on the IFRS conversion plan.
The financial policies will be prepared according to the IFRS by maximum 15 November, according to a bourse filing on Tuesday.
The targeted date for the first financial statement based on IFRS will be in April 2017, which will cover the first quarter of 2017.
The company noted that it did not face any difficulties so far in the transition process towards the implementation of (IFRS).
