Riyadh – Mubasher: Saudi Basic Industries (SABIC) announced a plan to implement the International Financial Reporting Standards (IFRS) by January 2017.
The targeted date for the first financial statement based on IFRS will be on 31 December, which will cover the opening balances, according to a bourse filing on Monday.
SABIC appointed a number of external consultants to supervise the implementation of IFRS. It also formed an internal team to accomplish the transition process, the statement said.
The company noted that it did not face any difficulties so far in the transition process towards the implementation of (IFRS).
