Tasnee has disclosed an update on the transformation process to IFRS, highlighting that there will be an impact on the beginning balance of shareholder’s equity as of 1 January 2016, though the company does not expect a significant impact. The adjustments will include changes in the: i) depreciation of fixed assets; ii) capitalisation of spare parts; and iii) provisions for employee terminal benefits. With regard to the impact of IFRS 10 and IFRS 11, the company mentioned that certain subsidiaries will be treated as JV’s rather than being consolidated to match the equity method of accounting (IAS28). Finally, the company pointed out that it has completed all the necessary procedures to publish IFRS-compliant results starting 1Q17. (Tadawul)      National Industrialization Company: SAR16.00 as of 31 Jan. 2017, Rating: Neutral, TP: SAR14.50/share, MCap: USD2,854mn, NIC AB/2060.SE