Notes to The Consolidated Financial Statements
AL MAZAYA HOLDING K.S.C. (HOLDING) AND ITS SUBSIDIARIES
For the year ended 31 December 2011
At the date of authorisation of these financial statements, the following Standards, Interpretations and amendments were
in issue but not yet effective:
Effective for annual
periods beginning
on or after
Standards and Interpretations in issue not yet effective and not early adopted
by the Group
1 July 2011
1 January 2015
1 January 2013
1 January 2013
1 January 2013
1 January 2013
• Amendments to IFRS 7 Disclosures –
Transfers of Financial Assets
increase the
disclosure requirements for transactions involving transfers of financial assets.
These amendments are intended to provide greater transparency around risk
exposures of transactions when a financial asset is transferred but the transferor
retains some level of continuing exposure in the asset. The amendments also
require disclosures where transfers of financial assets are not evenly distributed
throughout the period.
• IFRS 9
Financial Instruments
was issued in November 2009 and replaces those parts
of IAS 39 relating to the classification and measurement of financial assets. IFRS 9
retains but simplifies the mixed measurement model and establishes two primary
measurement categories for financial assets; amortised cost and fair value. The basis
of classification depends on the entity’s business model and the contractual cash
flow characteristics of the financial asset. While adoption of IFRS 9 is mandatory
from 1 January 2015, earlier adoption is permitted.
• IFRS 10
Consolidated Financial Statements
uses control as the single basis
for consolidation, irrespective of the nature of the investee. IFRS 10 requires
retrospective application subject to certain transitional provisions providing
an alternative treatment in certain circumstances. Accordingly IAS 27 Separate
Financial Statements and IAS 28 Investments in Associates and Joint Ventures*
have been amended for the issuance of IFRS 10.
• IFRS 11
Joint Arrangements
establishes two types of joint arrangements: Joint
operations and joint ventures. The two types of joint arrangements are distinguished
by the rights and obligations of those parties to the joint arrangement. Accordingly
IAS 28 Investments in Associates and Joint Ventures has been amended for the
issuance of IFRS 11.
• IFRS 12
Disclosure of Interests
in Other Entities combines the disclosure
requirements for an entity’s interests in subsidiaries, joint arrangements, associates
and structured entities into one comprehensive disclosure Standard.
• IFRS 13
Fair Value Measurement
issued in May 2011, establishes a single framework
for measuring fair value and is applicable for both financial and non-financial
items.
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