Sadara Basic Chemicals Company, owned by Sadara Chemicals Company, [2315.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 plan with a target to implement the accounting changes for approval before the end of 2016 and ii) formed an internal team that will be assigned the implementation and support of the process. The company noted that it did not hire an accounting consultant because there are accounting specialists in the company that will be supporting the process and that it is not facing any challenges in the process. The announcement added that the company set 31 March 2017 to be the target date for the preparation of the 1Q17 results. (Tadawul)