Practus’ assisted Arabco in successfully converting all financial statements to IFRS within 3 months from commencement to completion.
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About The Company
Arabco is a large conglomerate headquartered in Saudi Arabia and operates in multiple industries such as construction, retail, luxury products, telecom, automobile, etc.
- Arabco traditionally prepared its financial statements as per Saudi accounting standards.
- Saudi moved to IFRS w.e.f. 2018. This necessitated a conversion from Saudi standards to IFRS.
- Since the group consisted of several companies, consolidation of accounts was also required under IFRS.
- Revenue recognition was to be done on a completely different basis under IFRS. This issue was compounded because due to the fact that the group was into diverse businesses and each business had various non-standard contracts with customers.
- Further, the company was faced with several new requirements under IFRS such as fair value accounting, related party adjustments, end-of-service benefits, expected credit loss, etc.
- Successful conversion of all financial statements to IFRS within 3 months from commencement to completion.
- Successful completion of audit as per statutory timelines.