With reference to the directives issued by Saudi Organization for Certified Public Accountants (SOCPA) to ensure the compliance with the IFRS starting from the first quarter of 2017, we further refer to the circular of Capital Market Authority (CMA) that all listed companies are required to disclose their all phases of the Transition Plan for the implementation of International Financial Reporting Standards (IFRS), FIPCO Announces the following:
1- The transition plan to IFRS has been prepared and the updated accounting policies is scheduled to be approved before end of October 2016.
2- Ahmed A. Bajnied & Co. has been hired as a consultant to complete the first time adoption of IFRS.
3- In-house team has been appointed to be in charge for IFRS transition plan under the supervision of the Financial Manager.
4- FIPCO has not faced any difficulties in the transition process toward implementation of IFRS up to the date of this announcement.
5- The target date for preparing the first financial statements based on IFRS is 30-11-2016 for the first quarter of 2016.
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.