Abdulmohsen Al Hokair Group for Tourism and Development Company announces its progress on the transition to International Financial Reporting Standards IFRS First Phase
Based on the resolution issued by the Board of Commissioners of CMA in regards to the disclosure of the company transition progress to International Financial Reporting Standards (IFRS), Abdulmohsen Al Hokair Group for Tourism and Development Company announces (Phase I) of the action plan for the implementation of IFRS as follows: 1- The IFRS transition plan has been prepared by the Company whereby the targeted date to approve the new accounting policies is 30-11-2016. 2- The Company has appointed KPMG as an external consultants to implement the conversion to IFRS. 3- The Company has formed experienced internal team for IFRS transition plan and its implementation. 4- The Company has not faced so far any material difficulties in the transition process toward the implementation of IFRS. 5- The targeted date for the first financial statements in accordance with IFRS is 15-12-2016 which will cover the first quarter of FY 2016.