61 / 95
ANNUAL REPORT
2015
Notes to The Consolidated Financial Statement
AL MAZAYA HOLDING COMPANY K.S.C.P. AND ITS SUBSIDIARIES
31 December 2015
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group
has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
• The contractual arrangement with the other vote holders of the investee;
• Rights arising from other contractual arrangements;
• The group’s voting rights and potential voting rights.
The financial statements of the subsidiary are prepared at the same reporting year as the Parent Company using consistent accounting
policies. Subsidiaries are consolidated from the date on which the Group obtains control and continues to be consolidated until
the date that such control ceases.
All material intra-group balances and transactions, including material unrealised gains and losses arising on intra-group transactions
are eliminated on consolidation.
Non-controlling interest represents the portion of profit and loss and net assets not held by the Group and are presented separately
in the consolidated statement of income and within equity in the consolidated statement of financial position separately from
equity attributable to the equity holders of the Parent Company.
A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction. Losses
are attributed to the non-controlling interests even if that results in a deficit balance.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling
interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is
recognised at fair value.
57