Arabian Pipes Co. announces its transition plan for the implementation of International Financial Reporting Standards (IFRS)

Arabian pipes co. announces its conversion plan to the International Financial Reporting Standards (IFRS) approved by the Council of the Saudi Organization for Certified Public Accountants which required applying IFRS for the listed companies on the Saudi Stock Exchange starting from January 2017.
1-IFRS transition plan has been approved by the Management.
2-An IFRS conversion consultant AlDar Audit Bureau has been appointed for the IFRS conversion plan of the Company.
3-An internal working team has been formed to be responsible for the IFRS transition plan and its implementation will be done under supervision of the Chief Financial Officer of the Company.
4-Till now there are no challenges or difficulties facing the transition process.
5-The first financial statements to be prepared in accordance with IFRS will be for the first quarter of 2017 (with comparatives for 2016) and is expected to be released on April 2017 in line with the normal deadline.

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