Nomu-listed Baazeem Trading Co. has started implementing the third phase of transition to International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Thursday.

 

External auditors are in final stages of preparing IFRS-compliant financial statements.

 

The company will also make an actuary’s assessment of employees’ end-of-service benefits and consolidate the financial statements of its Qatari subsidiary.

 

Meanwhile, there is no material impact on the company’s results due to adoption of IFRS, Baazeem added.

 

The company will prepare the first IFRS-based financial statements for Q1 2018 during the regulatory period set by the Saudi market regulator.

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