Following the resolution issued by the Board of Commissioners of CMA on 21-8-2016 G regarding the disclosure of the listed companies about their transition progress to the International Financial Reporting Standards (IFRS). And following to what we announced on 30/10/2016 G regarding the transition plan to adopt IFRS, Mobily confirms that:
- It has completed phase one and phase two of the transition plan to adopt IFRS and did not experience any significant difficulty. The accounting policies necessary for the preparation of the financial statements under IFRS have been presented to the company's Board of Directors and were approved at the end of 2016.
- It is at an advanced stage of quantifying the identified gaps in line with the approved policies towards the preparation of the IFRS opening balance sheet as of January 1st, 2016 and the IFRS financial statements for Q1 2017. These gaps are likely to be in certain number of limited areas including for instance calculation of end of service benefit provision, PPE based on the provisions of the IFRS standards on Assets Retirement Obligations. At this stage, there is no material impact from the assessed elements.
- It does not foresee any hindrance that might affect the on-going implementation of the IFRS conversion process as per the required regulations.
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.