RIYADH: Saudi-listed firms are required from Sunday to disclose details under a new initiative to adopt accounting standards in line with International Financial Reporting Standards (IFRS), the Capital Market Authority (CMA) said.
The CMA added that the measures aim to help Tadawul-listed firms shift to the IFRS system by Jan. 1, 2017.
During the first stage, which runs from Aug. 21 to Sep. 1, firms must disclose whether a plan is developed to facilitate the application of IFRS, including the target date to approve accounting policies.
In the second phase, companies will disclose related updates during a one-month period which will end on Oct. 30.
The third stage will be implemented from Jan. 1 until Jan. 31.
During this period, companies will be required to announce related financial impact, if any, as well as obstacles to preparing the new financial statements.
The CMA added that the measures aim to help Tadawul-listed firms shift to the IFRS system by Jan. 1, 2017.
During the first stage, which runs from Aug. 21 to Sep. 1, firms must disclose whether a plan is developed to facilitate the application of IFRS, including the target date to approve accounting policies.
In the second phase, companies will disclose related updates during a one-month period which will end on Oct. 30.
The third stage will be implemented from Jan. 1 until Jan. 31.
During this period, companies will be required to announce related financial impact, if any, as well as obstacles to preparing the new financial statements.
