Alujain Corporation (Alujain) [2170.SE] has announced the details of its project to change its reporting standards to IFRS before 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) prepared a comprehensive transition plan in November 2015 with a target to implement the IFRS accounting changes; ii) formed an internal team that will be assigned the implementation and support of the process and iii) hired an accounting consultant with the approval of the BoD and audit committee to support the process and identify the  accounting changes required to meet IFRS standards. The company mentioned that it is not facing any challenges in the process and that it would be finalizing IFRS 1Q16 results by 4Q16. The company also noted that it would submit a formal approval of the new accounting policies to the BoD and audit committee in 4Q16. (Tadawul)