Announcement Third Phases international standards (IFRS)
Alujain Corporation announces Transition Plan (THIRD PHASE) for the implementation of International Financial Reporting Standards (IFRS)
Tuesday 3/5/1438H - 31/1/2017
Further to Alujain Corporation announcement dated 26/01/1438H corresponding to 27/10/2016G regarding the conversion of its financial statements to International Financial Reporting Standards (IFRS). The Board of Directors of subsidiary Company, National Petrochemical Company Limited (NATPET) approved its updated accounting policies dated 01/05/1438H corresponding to 29/01/2017G for the preparation of the financial statements in accordance with IFRS and Alujain final accounting policies are also finalized by management and will be presented for approval in its next Board meeting. The IFRS transition project is progressing well and facing no hindrances and Management does not expect any significant financial impact on the financial statements as a result of implementing the IFRS. Accordingly, Alujain reaffirms its readiness for a successful and timely transition to IFRS exemplified by the preparation and presentation of its first statutory IFRS financial statements for the quarter ending March 31, 2017 within the applicable regulatory period. The first financial statements to be prepared in accordance with IFRS will be for the year 2016 and for first quarter of 2017 which are expected to be released within the applicable regulatory period for announcing the first quarter financial results 2017.