Riyadh – Mubasher: Sahara Petrochemical Company said its plan to shift to the International Financial Reporting Standards (IFRS) is on track.
The firm said it faced number of difficulties during the transition process like multitude of plant and equipment and spare parts in addition to the actuarial valuation for the employees’ terminal benefits.
The company added that it is in the process of preparing the opening balance sheet on the date of transition and the consolidated financial statements for the quarter ended 31 March 2016.
