Sahara Petrochemicals Company (Sahara) [2260.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 headed by their financial general manager to implement and support the process. The company mentioned that the progress is going as planned but they may be facing some challenges in the transformation process because they have multiple assets and they must conduct actuarial  valuation for the employees’ terminal benefits. The company noted that it targets to finish the IFRS 1Q16 financial results by November 2016. (Tadawul)   Sahara Petrochemicals: SAR10.55 as of 31 August 2016, Rating: Neutral, FV: SAR9.50 per share, MCap: USD1,234mn, SPC AB / 2260.SE