Saudi Cement Company disclosed the first phase of our transition to International Financial Reporting Standards, which included the following:
1-A plan to shift to International Financial Reporting Standards was prepared and approved. It includes all the stages of transition, starting from identification and analysis of the gap differences between Saudi Arabia (SOCPA) standards and international standards, including the accounting policies and procedures and up to the phase of the preparation of financial statements in accordance with International Financial Reporting Standards with its comparative periods.
2-The Company appointed a well-experienced and competent external consultant in the transition to International Financial Reporting Standards. They started their work by the end of July-2016, in accordance with the agreed plan of action.
3-An internal team composed of personnel from all concerned company departments was formed, in order to be responsible for the implementation of the transition Plan, and to provide the external consultant with all the requirements to complete the transition plan.
4-The Company has not yet encountered any difficulty in the transition to the International Financial Reporting Standards up to now.
5-An opening Balance Sheet as at 1/1/2016, was expected to be prepared in accordance with the International Financial Reporting Standards by mid-November 2016, as well as preparation of financial statements for the first quarter of year 2016, also in accordance with the International Financial Reporting Standards.
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