Saudi Cable Company, announces the transition plan of International Financial Reporting Standards (IFRS) in line with regulations and guidance issues by Saudi Organization for Certified Public Accountants (SOCPA) and Capital Market Authority (CMA).
1.An IFRS transition plan has been prepared, which includes a target date for approval of accounting policies. is April 20. 2017
2.The Group has appointed )SRCO Professional Corpration) an IFRS experienced and specialized external consultant to assist in smooth transition. The target date for preparation of the first draft set of IFRS financial statements is April 20. 2017
3.The Groups internal team responsible for the IFRS transition plan and the plan s implementation has been formulated.
4.The Group does not anticipate any IFRS transition process difficulties as of this date.
The target date for preparation of the first draft set of IFRS financial statements is April 20. 2017 and the periods covered will be quarter ended March 31. 2017 with comparative information for March 31. 2016. Additionally the Group balance sheet as of January 1. 2016 will also be provided.
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.