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Middle East Specialized Cables Co (MESC) Announcement Update on the Progress of the Conversion to IFRS Accounting

As per the requirements of the Capital Market Authority for all listed entities on the Saudi Stock Exchange to adopt International Financial Reporting Standards (IFRS), endorsed by the Saudi Organization for Certified Public Accountants (SOCPA); Middle East Specialized Cables Co (MESC) announces its second update on progress of the conversion to IFRS Accounting as follows:
1. IFRS Transition Plan
The detailed plan for the transition to IFRS accounting & accounting policies has been validated by the management and under implementation.
2. IFRS Consultant
A specialist external IFRS consultant has been appointed for the IFRS transition project and the consultant is working with MESC on the execution of the IFRS transition project.
3. Internal IFRS Team
The external IFRS consultant onboard is working with an experienced in-house finance team that has been established for managing and delivering the IFRS transition project for MESC.
4. IFSR Transition Status
MESC has not faced any difficulties and does not expect to face any major obstacles for the transition to IFRS accounting.
5. First IFRS Financial Statements
MESC will produce its first set of IFRS financial statements for the quarter ended 31st March 2017, alongside IFRS based comparatives for the quarter ended 31st March 2016. All subsequent financial statements (including comparatives) will be prepared based on IFRS.
6. IFRS Accounting Policies
The target date for approving the IFRS accounting policies is the 15th December 2016, to allow a smooth transition to IFRS accounting by 1st January 2017.