Following the resolution issued by the Board of Commissioners of CMA on 21-8-2016 regarding the disclosure of the listed companies of their transition progress to the International Financial Reporting Standards (IFRS). And following to what we announced regarding Phase 1 on 30-8-2016, Abdulmohsen Al Hokair Group for Tourism and Development Company announces the progress on the IFRS conversion project (Phase 2) as follows:
The Draft accounting policies necessary for the preparation of IFRS financial statements were prepared and will be approved by the Audit Committee and then by the Board of Directors before 30 November 2016.
As disclosed in Phase 1, the Company is targeting 30-11-2016 to approve the new accounting policies and 15-12-2016 to prepare Q1 2016 financial statements according to the IFRS so the Company will be ready by 1-1-2017 to adopt the IFRS.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.