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AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC)
AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)
Amendments to IAS 1 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 to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier
application permitted and are applied prospectively.
These 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. However, the Board retained the concept of
changes in accounting estimates in the Standard with the following clarifications:
A change in accounting estimate that results from new information or new developments is not the
correction of an error.
The effects of a change in an input or a measurement technique used to develop an accounting estimate
are changes in accounting estimates if they do not result from the correction of prior period errors.
The amendments are effective for annual periods beginning on or after 1 January 2023 to changes in accounting
policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier
application permitted.
These amendments do not have any material impact on the consolidated financial statements.
Amendments to IAS 1 – Classification of Liabilities as Current or Non-current
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for
classifying liabilities as current or non-current. The amendments clarify:
What is meant by a right to defer settlement.
That a right to defer must exist at the end of the reporting period.
That classification is unaffected by the likelihood that an entity will exercise its deferral right.
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of
a liability not impact its classification.
These amendments are effective for annual periods beginning on or after 1 January 2023 and must be applied
retrospectively.
These amendments do not have any material impact on the consolidated financial statements.
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