Annual report eng.2018

103 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2018 Reconciliation of carrying amounts under IAS 39 to carrying amount at the adoption of IFRS 9 Accounting policies applied until December 31, 2017 The Group has elected not to restate comparative information. As a result, the comparative information provided continues to be accounted for in accordance with the Group’s previous accounting policy. Classification Until December 31, 2017, the Group classified its financial assets in the following categories: a) Loans and receivables – The policy is same as explained above for debt instruments at amortized cost. b) Financial assets available for sale – These are non-derivative financial assets that are either designated in this category or not classified in any of the other categories. The classification depended on the purpose for which the investments were acquired and management determined the classification of its investments at initial recognition. Subsequent measurement The measurement at initial recognition did not change on adoption of IFRS 9. Subsequent to the initial recognition, loans and receivables and held-to-maturity investments were carried at amortized cost using the effective interest method. Financial assets available for sale and financial assets at FVPL were subsequently carried at fair value. Gains or losses arising from changes in the fair value were recognized as follows: a) For available-for-sale financial assets that are monetary securities denominated in a foreign currency – translation differences related to changes in the amortized cost of the security were recognized in consolidated statement of profit or loss and other changes in the carrying amount were recognized in other comprehensive income b) For other monetary and non-monetary securities classified as available-for-sale – in other comprehensive income. - )966,157( )966,157( - )7,203,697( )7,203,697( - - - - - - - - 1,833,959 1,833,959 - - - - 6,474,108 6,474,108 - )1,833,959( )6,474,108( )8,308,067( - - - 23,781,433 )1,835,858( 21,945,575 - - - 8,308,067 - - 8,308,067 - 867,802 867,802 23,781,433 )9,039,555( 14,741,878 - 6,474,108 6,474,108 - - - - Re- measurement Reclassifications IAS 39 carrying amount as at December 31, 2017 Financial assets at FVPL: Opening balance From financial assets available-for-sale Closing balance Accounts receivable and other debit balances: Opening balance Provision for doubtful debts Closing balance Financial assets at FVOCI: Opening balance From financial assets available-for-sale Closing balance Financial assets available for sale: Opening balance To financial assets at FVPL To financial assets at FVOCI Closing balance IFRS 9 carrying amount as at January 1, 2018