Following the resolution issued by the Board of Commissioners of CMA on 21-8-2016 regarding the disclosure of the listed companies their transition progress to the International Financial Reporting Standards (IFRS). And following to what we announced regarding Phase 1 on 30-8-2016. Al Hammadi Company for Development and Investment announces the progressing on the IFRS conversion project (Phase 2) as follows:
1- No updates on what we already announced in Phase 1.
2- As disclosed in Phase 1, the Company is targeting 30-11-2016 to approve the new accounting standards and 15-12-2016 to prepare Q1 2016 financial statements according to the IFRS so the Company will be ready by 1-1-2017 to adopt the IFRS.