Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C. AND ITS SUBSIDIARIES
31 December 2012
In addition, the amendment requires disclosures about the entity’s continuing involvement in derecognised assets to
enable the users to evaluate the nature of, and risks associated with, such involvement. The amendment is effective for
annual periods beginning on or after 1 July 2011. The Group does not have any assets with these characteristics so there
has been no effect on the presentation of its financial statements.
Standard issue but not yet effective
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s consolidated
financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become
effective.
IAS 1 Presentation of Items of Other Comprehensive Income – Amendments to IAS 1
The amendments to IAS 1 change the grouping of items presented in other comprehensive income (OCI). Items that could
be reclassified (or ‘recycled’) to profit or loss at a future point in time (for example upon derecognition or settlement) would
be presented separately from items that will never be reclassified. The amendment affects presentation only and has no
impact on the Group’s financial position or performance. The amendment becomes effective for annual periods beginning
on or after 1 July 2012.
IAS 19 Employee Benefits (Revised)
The amendments to IAS 19 remove the option to defer the recognition of actuarial gains and losses, i.e., the corridor
mechanism. All changes in the value of defined benefit plans will be recognised in profit or loss and other comprehensive
income. The effective date of the standard is 1 January 2013.
IAS 28 Investments in Associates and Joint Ventures (as revised in 2011)
As a consequence of the new IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities, IAS 28
Investments in Associates, has been renamed IAS 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 becomes
effective for annual periods beginning on or after 1 January 2013.
IAS 32 Offsetting Financial Assets and Financial Liabilities — Amendments to IAS 32
These amendments clarify the meaning of “currently has a legally enforceable right to set-off”. The amendments also
clarify the application of the IAS 32 offsetting criteria to settlement systems (such as central clearing house systems) which
apply gross settlement mechanisms that are not simultaneous. These amendments are not expected to impact the Group’s
financial position or performance and become effective for annual periods beginning on or after 1 January 2014.
IFRS 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
arrangements on an Group’s financial position. The new disclosures are required for all recognised financial instruments
that are set off in accordance with IAS 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 IAS 32. These amendments will not impact the Group’s financial position or
performance and become effective for annual periods beginning on or after 1 January 2013.
IFRS 9 Financial Instruments: Classification and Measurement
IFRS 9, as issued, reflects the first phase of the IASB’s work on the replacement of IAS 39 and applies to classification and
measurement of financial assets and financial liabilities as defined in IAS 39. The standard was initially effective for annual
periods beginning on or after 1 January 2013, but Amendments to IFRS 9 Mandatory Effective Date of IFRS 9 and Transition
Disclosures, issued in December 2011, moved the mandatory effective date to 1 January 2015.
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