Petrochem to conduct SAR318mn retained earnings impairment in its transformation to IFRS
Petrochem has released an update on the transformation process to IFRS highlighting that as of 1 January 2016, the beginning balance of retained earnings will impaired by SAR318mn due to: i) decrease in value of loan to Saudi Polymers Company (impact of SAR283mn); and ii) SAR35mn impairment of its investment in Saudi Polymers Company due to accounting adjustments for the employee terminal benefits. The company also mentioned that the process is going well, and that it is fully prepared to publish its 1Q17 IFRS financial results. (Tadawul)
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