Saudi Arabian Mining Company (Maaden) [1211.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) put together a compressive transition plan with a target to implement the accounting changes in December 2016; ii) formed an internal team that will be assigned the implementation and support of the process and iii) hired a consultant in to support the process and identify accounting changes required to meet IFRS standards. The company is facing a challenge in the form of some complexity in breaking down the company’s assets, and this is due to the fact that the company has a very wide scale of operations. The company added that it has hired additional consultants to support that matter and complete fixed assets classifications by September 2016. The company noted that it is in the process of preparing IFRS 1Q16 financials, and it set a target deadline by 31 October 2016. (Tadawul)   Maaden: SAR34.82 as of 30 August 2016, Rating: Sell, FV: SAR30.00 per share, MCap: USD10,850mn, MAADEN AB / 1211.SE