Riyadh - Mubasher: Saudi Arabian Mining Company (Maaden) announced that it has adopted a conversion plan to International Financial Reporting Standards (IFRS) in October 2015.
It is also working on adopting new accounting policies which are expected to be approved in December 2016, according to a bourse filing on Wednesday.
The company appointed an experienced external consultant in June 2015 to assist with the transition plan, which is expected to be completed in September 2016.
"The largest challenge faced by the company has been the need to componentize the fixed assets of some of the Maaden Group companies given the scale and complexity of their operations," the statement said.
The targeted date for its financial statement based on IFRS will be on 31 October, which will cover the first quarter of 2016, adding to preparing its opening balance sheet as at 1 January, 2016.
