SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES PROGRESS IN THE SECOND PHASE OF ITS TRANSITION PLAN FOR THE IMPLEMENATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Further to the company announcement on Tadawul website on 28/11/1437H (corresponding to 31/08/2016G), Saudi Arabian Mining Company (Maaden) announces progress in the second phase of its plan to transition to financial reporting in compliance with International Financial Reporting Standards (IFRS) and provides the following information in line with the CMA instructions issued on 20/08/2016:
- 1. As announced in the first phase announcement, the adoption of new accounting policies is expected to be approved in December 2016.
- 2. As announced previously, the largest challenge faced by the company in the transition process has been the need to componentize the fixed assets of some of the Maaden Group companies given the scale and complexity of their operations. Additional external consultants were retained to undertake this work and this has now been completed.
- 3. The company currently expects to prepare its opening balance sheet as at January 1, 2016 and first quarter 2016 financial statements in accordance with IFRS, by November 30, 2016. The timing has been impacted due to the fact that the process of componentizing the fixed assets of some of the Maaden group companies took longer than initially estimated. The company will report those statements for comparison purposes in the company financial statements for the first quarter 2017.
For further information please contact: