Saudi International Petrochemical company (Sipchem) [2310.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 transition plan with a target to implement the accounting changes; ii) formed an internal team that will be assigned the implementation and support of the process and iii) hired a consultant in 4Q15 to support the process and identify the changes required to meet IFRS standards, since some changes may require significant planning and execution efforts. The company noted that it is in the process of preparing 1Q16 financials with an internal deadline in November 2016. (Tadawul)   SIPCHEM: SAR13.46 as of 30 August 2016, Rating: Neutral, FV: SAR14.00 per share, MCap: USD1,316mn, SIPCHEM AB / 2310.SE