Saudi Basic Industries Corporation (SABIC) [2010.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 the due date; ii) hired several consultants in different areas of expertise to support the process; 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 that 2016 financials will also be reclassified to meet IFRS standards. (Tadawul)   SABIC: SAR82.53 as of 28 August 2016, Rating: Neutral, FV: SAR90.00 per share, MCap: USD66,024mn, SABIC AB / 2010.SE