Advanced Petrochemical Company (ADVANCED) announces its progress on the Transition Plan for the Implementation of International Financial Reporting Standards (Phase II)

 

Advanced Petrochemical Company (ADVANCED) announces its progress on the Transition Plan for the Implementation of International Financial Reporting Standards (Phase II) Further to the announcement published on Tadawul on 31 August 2016 regarding the transition plan for the implementation of International Financial Reporting Standards (IFRS), ADVANCED is pleased to announce the progress as per the Phase II disclosure requirements as follows:

1. Advanced is progressing smoothly towards the implementation of transition plan for the conversion of financial statements in compliance with IFRS.

2. The management is in the process of finalizing the accounting policies necessary for the preparation of the financial statements under IFRS. These policies will be presented to Advanced Board for their approval before the end of the year 2016 as announced earlier to allow the smooth transition to IFRS by the 1st Quarter 2017 as per the applicable regulatory requirements.