Reference to the transition plan to adopt the International Financial Reporting Standards (the "IFRS"), which were endorsed by the Saudi Organization for Certified Public Accountants ("SOCPA") , who had resolved for entities listed on the Parallel Market to implement the IFRS starting from 1/1/2018, and moving forward from the Capital Market Authority (the "Authority") role in regulating and monitoring the works and activities of parties subject to the control and supervision of the Authority, and regulating and monitoring the full disclosures of information regarding financial securities and their issuers, and for the purpose of getting the necessary comfort regarding the preparation of IFRS financial statements by entities listed on the Parallel Market before the due date, and getting the necessary comfort regarding the extent of commitment of the listed entities on Parallel Market to the IFRS convergence plan, the Authority announces the Board of Commissioners resolution which obligates listed entities on Parallel Market to disclose their IFRS transition progress on phases as follows:
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