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Al Mazaya Holding Company K.S.C. and its Subsidiaries
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 June 2013(UNAUDITED)
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BASIS OF PREPERATION ANDSIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies (continued)
lAS 28
Investments in Associates and Joint Ventures (as revised in 2011)
As
a consequence of implementing the new lFRS 11 Joint Arrangements, and lFRS 12 Disclosure of Interests in Other
Entities, lAS 28 Investments in Associates, has been renamed lAS 28 Investments in Associates and Joint Ventures, and
describes the application of the equity method to investments in joint ventures in addition to associates. The revised
standard has had no effect on the Group's financial position, performance or its disclosures.
!FRS 7 Disclosures:
Offsetting Financial Assets and Financial Liabilities - Amendments to IFRS 7
These amendments require an entity to disclose information about rights to set-off and related arrangements (e.g.,
collateral agreements). The disclosures would provide users with information that is useful in evaluating the effect of
netting off arrangements on an entity's fmancial position. The new disclosures are required for all recognised financial
instruments that are set off in accordance with lAS 32 Financial Instruments: Presentation. The disclosures also apply to
recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement,
irrespective of whether they are set off in accordance with lAS 32. The adoption of this standard is not expected to have
any material impact on the interim condensed consolidated financial information of the Group and the relevant
disclosures will be made in the annual consolidated financial statements of the Group.
!FRS 10
Consolidated Financial Statements
!FRS 10 replaces the consolidation guidance in lAS 27 Consolidated and Separate Financial Statements and SIC-I2
Consolidation - Special Purpose Entities by introducing a single consolidation model for all entities based on control.
Under !FRS 10, control is based on whether an investor has 1) power over the investee 2) exposure or rights to
variable returns from its involvement with the investee and 3) the ability to use its power over the investee to affect
the amount of the returns. The adoption of this standard does not have any material impact on the financial position
or performance of the Group.
!FRS 11
Joint Arrangements
!FRS Il replaces lAS 31 Interests in Joint Ventures and SIC-I3 Jointly-controlled Entities - Non-monetary
Contributions by Venturers. lFRS 11 removes the option to account for jointly controlled entities (lCEs) using
proportionate consolidation. Instead, JCEs that meet the defmition of a joint venture must be accounted for using the
equity method. The adoption of this new standard had no effect on the Group's financial position, performance or its
disclosures.
IFRS
12 -
Disclosure of Involvement with Other Entities
lFRS 12 requires enhanced disclosures about both consolidated entities and unconsolidated entities in which an entity
has involvement. The objective of !FRS 12 is to disclose information so that financial statement users may evaluate the
basis of control, any restrictions on consolidated assets and liabilities, risk exposures arising from involvements with
unconsolidated structured entities and non-controlling interest holders' involvement in the activities of tbe consolidated
entities. The Group will provide additional disclosures in the annual consolidated financial statements.
!FRS
13-
Fair Value measurement
lFRS 13 replaces the guidance on fair value measurement in existing lFRS accounting literature with a single standard.
!FRS 13 defines fair value, provides guidance on bow to determine fair value and requires disclosures about fair value
measurements. However IFRS 13 does not change the requirements regarding which items should be measured or
disclosed at fair value. The adoption of this standard does not have any material impact on the financial position or
performance of the Group. !FRS 13 para 9 has changed the fair value definition. Fair value is defined as the price that
would be received to sell an asset or paid to transfer a liability in orderly transactions between market participants at
the measurement date
Other amendments to IFRSs whicb are effective for annual accounting period starting from 1 January 2013 did not have
any material impact on the accounting policies, financial position or performance of the Group.
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