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AL MAZA YA HOLDING COMPANY K.S.c. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDA TED FINANCIAL STATEMENTS
For the year ended 31 December 2011
MAlAYA
.;JMfOlMll
2.
APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS (CONTINUED)
At the date of authorisation of these financial statements, the following Standards, Interpretations and
amendments were in issue but not yet effective:
Standards and Interpretations in issue not yet effective and not early adopted by
the Group
• 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 fmancial 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 lAS 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 I 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 lAS 27
Separate
Financial Statements
and lAS 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 lAS 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.
10
Effective for
annual periods
beginning on or
after
1 July 2011
1 January2015
1
January2013
1
January 2013
1 January 2013
I
January 2013