Etihad Etisalat Company (Mobily) announces that it has already started the process of implementing a transition plan (the Transition Plan) to adopt International Financial Reporting Standards (IFRS). Mobily dedicated a team of qualified internal resources assisted by specialized external resources who already finalized the preparation and started the implementation of the Transition Plan that will allow Mobily to issue its financials under IFRS as per the applicable regulations (1st quarter of 2017). The implementation will address IT and network systems complexities related to the specific of telecom industry in addition to the interpretations of the various reconciliations between current and IFRS accounting principles. It is worth noting that Mobily has adopted since 2015 a more prudent approach toward applying certain IFRS principles.
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