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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023
(All amounts are in Kuwaiti Dinars)

New and revised Standards that are effective for the current year
The accounting policies used in the preparation of these consolidated financial statements are consistent with
those used in the previous year except for the changes due to implementation of the following new and revised
International Financial Reporting Standards as of January 1, 2023:

Amendments to IAS I Presentation of Financial Statements — Disclosure of Accounting Policies
The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The
amendments replace all instances of the term 'significant accounting policies' with 'material accounting policy
information'. Accounting policy information is material if, when considered together with other information included
in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of
general-purpose financial statements make on the basis of those financial statements.

The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to
immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy
information may be material because of the nature of the related transactions, other events or conditions, even if
the amounts are immaterial. However, not all accounting policy information relating to material transactions, other
events or conditions is itself material. The amendments do not have any material impact on the consolidated
financial statements.

Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors—Definition of Accounting
Estimates
The amendments replace the definition of a change in accounting estimates with a definition of accounting
estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are
subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted. The
amendments do not have any material impact on the consolidated financial statements.

New and revised Standards issued but not yet effective
At the date of authorization of these financial statements, the Group has not applied the following new and revised
IFRS Standards that have been issued but are not yet effective:

Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such
arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements
in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to
liquidity risk.

The amendments are effective for annual reporting periods beginning on or after January 1, 2024. Early adoption
is permitted, but will need to be disclosed. These amendments are not expected to have a material impact on the
consolidated financial statements.

Amendments to IAS 1 Presentation of Financial Statements—Non‑current Liabilities with Covenants
The amendments specify that only covenants that an entity is required to comply with on or before the end of the
reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting
date (and therefore must be considered in assessing the classification of the liability as current or non-current).
Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the
covenant is assessed only after the reporting date (e.g. a covenant based on the entity’s financial position at the
reporting date that is assessed for compliance only after the reporting date).

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