Notes to The Consolidated Financial Statements
AL MAZAYA HOLDING K.S.C. (HOLDING) AND ITS SUBSIDIARIES
For the year ended 31 December 2011
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 2012
1 January 2012
1 January 2013
1 January 2013
1 January 2013
1 January 2015
(or otherwise
when IFRS 9 is first
applied)
• Amendments to IAS 1 –
Presentation of Other Comprehensive Income
. The
amendments retain the option to present profit or loss and other comprehensive
income in either a single statement or in two separate statements. However, items
of other comprehensive income are required to be grouped into those that will
and will not subsequently be reclassified to profit or loss with tax on items of other
comprehensive income required to be allocated on the same basis.
• Amendments to IAS 12
Income Taxes
provide an exception to the general principles
of IAS 12 for investment property measured using the fair value model in IAS
40 Investment Property by the introduction of a rebuttable presumption that the
carrying amount of the investment property will be recovered entirely through
sale.
• Amendments to IAS 19
Employee Benefits
eliminate the “corridor approach” and
therefore require an entity to recognize changes in defined benefit plan obligations
and plan assets when they occur.
• Amendments to IFRS 7
Financial Instruments
: Disclosures enhancing disclosures
about offsetting of financial assets and liabilities
• Amendments to IAS 32
Financial Instruments: Presentation
relating to application
guidance on the offsetting of financial assets and financial liabilities
• Amendments to IFRS 7
Financial Instruments: Disclosures
relating to disclosures
about the initial application of IFRS 9
The directors anticipate that IFRS 9, IFRS 10, IFRS 11, IFRS 12, IFRS 13, IAS 27 (as revised in 2011), IAS 28 (as revised in
2011) will be adopted in the Group’s consolidated financial statements for the annual period beginning 1 January 2013. The
application of these standards may have significant impact on amounts reported in the consolidated financial statements
and result in more extensive disclosures in the financial statements. However, the directors have not yet performed a
detailed analysis of the impact of the application of these Standards and hence have not yet quantified the extent of the
impact.
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