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.