Arab Sea sets plan for third phase of IFRS transition

Arab Sea Information Systems Co. (Arab Sea) is seeking to adopt the third phase of International Financial Reporting Standards (IFRS), under a new plan.

The new accounting standards will be approved by the company’s board of directors in Q1 2018, the Nomu-listed firm said in a bourse statement.

The opening balance as of January 1, 2017, was prepared in line with the IFRS, and the first IFRS-based financial statements for Q1 2018 will be prepared soon and will be published without delay, it added.

Arab Sea does not expect any related impact on the company’s financial statements upon the transition to IFRS.