Saudi Industrial Investment Group (SIIG) [2250.SE] has released an update on the details of its project to change its reporting standards to IFRS, 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 mentioned that it: i) prepared its financial and accounting policies to match with IFRS, which will be approved in the December 2016 AGM meeting; ii) will prepare full year 2015 IFRS financial results by December 2016, and then will proceed by preparing quarterly IFRS statements for 2016; and iii) will impair fixed assets for Petrochemical Conversion Company (PCC), SIIG’s subsidiary; thereby, decreasing the value of SIIG’s investments in 1Q17 results. The size of potential impairment at PCC was not disclosed in the announcement. (Tadawul)