National Industrialization Company (Tasnee) [2060.SE ] has announced the details of its project to change its reporting standards to IFRS by 1Q17 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 commenced the following actions to execute the transformation project:  i) formed an internal team to implement and track the required changes in accounting standards that will be approved in November 2016; and ii) hired an accounting firm to consult, audit and make the necessary accounting adjustments to match International Standards. The company also noted that the process would be very challenging because the company currently owns multiple production plants, subsidiaries and assets that may be classified differently. The company added that they are working on reclassifying their 1Q16 financials to meet IFRS standards and they are targeting to finish this by November 2016. (Tadawul)   National Industrialization Company: SAR12.84 as of 25 August 2016, Rating: Neutral, FV: SAR14.50 per share, MCap: USD2,290mn, NIC AB / 2060.SE