Further reference to the companys announcement dated 25/11/1437H corresponding to 28/08/2016 to disclose the phases of the Transition Plan for the implementation of International Financial Reporting Standards (IFRS), FIPCO is pleased to announce the developments of its transition plan which is coping up with the time plan, as the second stage of (difficulties in the transition process toward implementation of IFRS) has been finalized and we moved to the third stage of (the first time adoption of implementation of IFRS).
In others, the updated accounting policies is scheduled to be approved through the next board meeting scheduled to take place before end of October 2016.
FIPCO assures that The target date for preparing the first financial statements based on IFRS as of 30-11-2016 for the first quarter of 2016.
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