National Petrochemical Company (Petrochem) [2002.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 compressive plan with a target to implement the accounting changes for approval by 27 October 2016 ; ii) hired a consultant that will support the accounting changes to the international standards; and iii) formed an internal team that will be assigned the implementation and support of the process. The company also noted that it is not facing any challenges in the process and that it is targeting to prepare its 2015 financials by 10  November 2016. (Tadawul)