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{"id":274889,"date":"2024-09-20T00:00:00","date_gmt":"2024-09-20T00:00:00","guid":{"rendered":"http:\/\/fujairahupdates.com\/?guid=b89384c099bd8e0d645d0123462d868b"},"modified":"2024-09-20T00:00:00","modified_gmt":"2024-09-20T00:00:00","slug":"listed-companies-required-to-provide-audited-financial-statements-within-45-days-of-end-date-of-relevant-quarter-adx","status":"publish","type":"post","link":"https:\/\/fujairahupdates.com\/listed-companies-required-to-provide-audited-financial-statements-within-45-days-of-end-date-of-relevant-quarter-adx\/","title":{"rendered":"Listed companies required to provide audited financial statements within 45 days of end date of relevant quarter: ADX"},"content":{"rendered":"
\nABU DHABI: The Abu Dhabi Securities Exchange said the listed companies are required to disclose the agenda and schedule of their Board of Directors meetings, where matters affecting the company’s stock price will be discussed, at least two business days prior to the specified meeting date.<\/p>\n
In a circular today, ADX said that decisions taken during these meetings must be disclosed immediately after the meeting concludes, excluding the day of the meeting itself. ‘For example, if a company’s board of directors decides to hold a meeting on Friday, Sept 27, 2024, to discuss matters affecting the company’s stock price, the company must disclose the agenda and meeting schedule no later than Tuesday, sept 24, 2024. Failure to disclose by Tuesday would be considered a violation of market disclosure regulation,’ the circular explained.<\/p>\n
ADX requested the listed companies to provide it with the financial report for the third quarter of this year in both Arabic and English using the Disclosure Electronic Services (E-Serv \nices).<\/p>\n
In this respect, ADX emphasised on the importance of disclosure and transparency regarding financial information of listed companies, for the benefit of all investors and securities dealers.<\/p>\n
According to the circular, the the following reports are required to be submitted to ADX:<\/p>\n
1- A comparative quarterly report for the same period of the previous fiscal year that includes the company’s financial statements audited by its auditor within (45) days of the end date of the relevant quarter. The report should also include a Board of Directors’ report or a Management Discussion and Analysis (MD and A), signed by the Board of Directors or an authorised representative.<\/p>\n
2- The listed company should provide its financial reports approved by its executive management and prepared based on<\/p>\n
International Financial Reporting Standards (IFRS).<\/p>\n
3- Financial statements must be disclosed either before or after the trading session, in accordance with ADX’s Disclosure Guidelines<\/p>\n
for Public and Private Joint Stock C \nompanies.<\/p>\n
The circular noted that if the financial data is not disclosed by 9:00 AM, the market will suspend the company’s trading from 9:00 to 9:30 AM to ensure the safety of the trading session and the completion of internal market procedures. If the financial data is received during this time, the company will be allowed to resume trading after 9:30 AM.<\/p>\n
ABU DHABI: The Abu Dhabi Securities Exchange said the listed companies are required to disclose the agenda and schedule of their Board of Directors meetings, where matters affecting the company’s stock price will be discussed, at least two business da…<\/p>\n<\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-274889","post","type-post","status-publish","format-standard","hentry","category-production"],"yoast_head":"\n
Listed companies required to provide audited financial statements within 45 days of end date of relevant quarter: ADX - Fujairah Updates<\/title>\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\t\n\t\n\t\n