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AL MAZAYA HOLDING COMPANY K.S.c. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
MAlAYA
AlMtOLfAD
2.
APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS (CONTINUED)
Standards and Interpretations in issue not yet effective (Continued)
Standards and Interpretations in issue not yet effective
• Amendments to lAS 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 lAS 12
Income Taxes
provide an exception to the general
principles ofIAS 12 for investment property measured using the fair value model
in lAS 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 lAS 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 fmancial assets and liabilities
• Amendments to lAS 32
Financial Instruments: Presentation
relating to
application guidance on the offsetting of financial assets and financial liabilities
Effective for
annual periods
beginning on or
after
1 July 2012
1 January 2012
1 January 2013
1 January2013
1 January 2013
1 January 2015
(or otherwise
when IFRS 9 is
first applied)
The directors anticipate that IFRS 9, IFRS 10, IFRS 11, IFRS 12, IFRS 13, lAS 27 (as revised in 2011), lAS 28
(as revised in 2011) will be adopted in the Group's consolidated fmancial 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.
• Amendments to IFRS 7
Financial 'Instruments: Disclosures
relating to
disclosures about the initial application of IFRS 9
3.
BASIS OF PREPRA TION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards ("IFRS") on the historical cost basis as amended for the revaluation of available
for
sale investments
and investment properties. The principal accounting policies are set out below. These consolidated financial
statements are presented in Kuwaiti Dinars ("KD"), which is the Parent Company's functional and presentation
currency.
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