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JODC announces the Transition Plan towards the International Financial Reporting Standards, Phase II

JODC has announced the transition plan towards the International Financial Reporting Standards, Phase II. With reference to the company’s announcement on Tadawul website on 29/11/1437 AH, corresponding to 1/9/2016, regarding the transition plan towards the International Financial Reporting Standards, Phase I; JODC announces Phase II of the transition plan towards the International Financial Reporting Standards.

And so the following has been agreed on:

  • Contracting with a professional accredited external consultant to assist in implementing the transition plan in cooperation with company’s internal work team.
  • An internal work team was formed in the company, which is responsible for implementing and following up with the phases of the transition plan towards the International Financial Reporting Standards, in cooperation with the external consultant.
  • The company did not face any difficulties in the transition process for the application of International Financial Reporting Standards.
  • According to the announcement, the target date for the preparation of the financial statements in accordance with the International Financial Reporting Standards is 30/03/1439 AH, corresponding to 18/12/2017, and that is for the first quarter of 1439 AH, with the comparative quarter of 1438 AH, as an application of the International Financial Reporting Standards for the first time; since the company follows the Hijri calendar in its financial statements. The company will prepare the financial statements for the fiscal year ended on 1438 AH in accordance with the International Financial Reporting Standards, and the standards of Saudi Organization for Certified Public Accountants (SOCPA). The company’s applicable accounting policies will be updated and adopted before the end of 1438 AH, as the company follows the Hijri calendar in issuing the financial statements. Any developments in the plan’s implementation phases will be disclosed in due course.

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