Saudi Kayan Petrochemical Company (Saudi Kayan) [2350.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; ii) hired several consultants with different area of expertise that would support the accounting changes to the international standards; and iii) formed an internal team that would 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 set 31 December 2016 to be the target date for the preparation of the first financial statement. (Tadawul)