Media

Corporate News Room

Browse:

JODC announces its transformation to use international plan for accounting standards for financial reporting and the stages of working on it

An internal working team has been formed in the company which is responsible for the implementation and following up with the phases of the transition to international accounting standards plan.

With reference to the circulation of the Capital Market Authority dated 21/08/2016 AD regarding the disclosure to cope up with the transition to the international accounting standards, Jabal Omar Company announces to the shareholders the stages to keep up with the plan to switch to International Accounting Standards (Phase 1), and it is as follows:

  • The company has prepared a plan for the transition to international accounting standards and the accounting policies will be updated and adopted in the company and approved before the end of 1438 on the grounds that the company follows the Hijri calendar.
  • The company is in the process of designation of the certified external consultant to assist in the implementation of the transition plan in collaboration with the internal staff of the company prior to the date of 30/03/1438 AH.
  • An internal working team has been formed in the company which is responsible for the implementation and following up with the phases of the transition to international accounting standards plan.
  • The company will not face any significant difficulties in applying the process of transformation to the international accounting standards.
  • The targeted date to prepare for the international accounting standards is 03/30/1439 AH which is the first quarter of 1439 AH with the comparative quarter of 1438 as an application of the international standards of the financial report. And for the first time, the company will prepare the financial statements for the fiscal year ending in 1438 according to the international accounting standards, as well as in accordance with the standards of the Saudi Organization for Certified Public Accountants.

As it will be disclosed for any developments in the implementation phases of the plan at the time.

Other Press Releases

Jabal Omar and Dar Al-Hekma University sign a MoU to develop the engineering creativity of female students

In order to achieve our ambition to become Jabal Omar Company a pioneer in creativity by opening development fields for national talents, the MoU that the company signed with Dar Al-Hekma University included cooperation in the field training for female students and the establishment of a studio for creative design, which reflects the company’s role […]

JODC WINS THE SAUDI TOP ACHIEVERS OUTSTANDING ARCHIETECTURE INITIATIVE AWARD

JODC has won the Saudi Top Achievers Award 2019 in the category of Outstanding Architecture Initiative Award. The glamorous Saudi Top Achievers Award 2019 organized by My Events International was successfully held at the Jeddah International Exhibition & Convention Center and coincided with the 75th anniversary of the Jeddah Chamber of Commerce and Industry (JCCI) […]

Prince Bader Bin Sultan Visit to Jabal Omar Project

His Royal Highness Prince Badr bin Sultan, Deputy Governor of Makkah Region, visited the Jabal Omar project in Makkah and was received by CEO Mr. Yasser Al-Sharif, where he inspected the construction works of the project and the facilities of hotels and commercial centers of Jabal Omar for the upcoming Ramadan season.

Jabal Omar Development Company Co-Sponsors Second Fawanees Makkah Festival

Jabal Omar Development Company has co-sponsored the second edition of the Fawanees Makkah festival held during the holy month of Ramadan. The festival, which was inaugurated by the Under-Secretary of Makkah Dr. Hisham bin Abdul Rahman, was organized by the Makkah Chamber of Commerce and took place throughout 15-25 May 2019. The second Fawanees Makkah […]
Open form