IFRS: Jarir draws up action plan for transition

Jarir Marketing Co. has announced the action plan for implementation of International Financial Reporting Standards (IFRS). 
According to the plan, posted by the company on Tadawul website, Jaris Marketing Co. has set the transition plan to IFRS and the targeted date to implement the new polices is Oct. 17.
Jarir has not appointed an external consultant for this task, instead the internal team of the company will make sure that IFRS will take a place on the stipulated date. Jarir team has sufficient experience to accomplish the transition process.
Also, Jarir has created an internal team to be in charge for IFRS transition plan. Further, Jarir did not face any difficulty so far in the transition process toward implementation of IFRS.
The targeted date for the first financial statements based on IFRS is Oct. 31, which will cover the first quarter of 2016.

Source: Arab News