Rabigh Refining and Petrochemical Company (Petro Rabigh) [2380.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 to ensure project completion by 31 December 2016; ii) hired a consultants to support the implementation of the accounting changes; and iii) formed an internal team to implement and support the process. The company mentioned that it is not facing any challenges in the process and it targets to finish the IFRS 2015 financial results by 15 December 2016. (Tadawul)