Advanced Petrochemical Company (Advanced) [2330.SE] has announced the details of its project to change its reporting standards to IFRS by 1 January 2017, in compliance with the new regulations that were set by the Saudi Organization for Certified Public accountants (SOCPA) and the Capital Market Authority (CMA). The company has taken the following actions to ensure the implementation of the new accounting standards: i) put together a comprehensive plan that is currently being executed to ensure project completion by the end of 2016; and ii) formed an internal team to implement and support the process. The company noted that it will not hire an accounting consultant because there are accounting specialists in the company who will  be responsible for supporting the process. The company mentioned that it is not facing any challenges in the process and it targets to finish the IFRS 1Q16 financial results by end of 2016. (Tadawul)   Advanced: SAR36.90 as of 31 August 2016, Rating: Neutral, FV: SAR39.00 per share, MCap: USD1,936mn, APPC AB / 2330.SE