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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2017
15
1.
INCORPORATION AND ACTIVITIES
Kuwait Energy plc (“the Company”) is a company incorporated on 12 September 2011 in Jersey in accordance with the
Commercial Companies Law in the Bailiwick of Jersey. The Company has no single ultimate controlling shareholder or
any individual shareholder holding more than 20% of the shares of the Company.
The Company and its subsidiaries (together referred to as “the Group”) have been established with the objective of
exploration, production and commercialisation of crude oil and natural gas.
The Company’s registered address is Queensway House, Hilgrove Street, St Helier, Jersey, JE1 1ES.
2.
ADOPTION OF NEW AND REVISED STANDARDS
In current year, the Group has adopted the following new and revised standards and interpretation. The adoption has
not had any material impact on the disclosures or on the amounts reported in these consolidated financial statements.
IAS 7 (amendments)
Disclosure initiative: The amendments require an entity to provide disclosure
that enable users of financial statement to evaluate changes in liabilities arising
from financing activities, including both cash and non-cash changes. A
reconciliation between the opening and closing balances of such liabilities is
provided in note 30. Consistent with the transition provisions of the
amendments, the Group has not disclosed comparative information for the
prior period. Apart from the additional disclosure in note 30, the application of
these amendments has had no impact on the Group’s consolidated financial
statements.
IAS 12 (amendments)
Recognition of Deferred tax Assets for Unrealised Losses
Annual Improvements to IFRSs:
2014-2016 Cycle
Amendments to: IFRS 12
Standards not yet adopted
At the date of authorisation of these consolidated financial statements, the Group has not applied the following
Standards and Interpretations that have been issued but not yet effective and in some cases had not yet been adopted
by the EU:
IFRS 9
Financial Instruments
IFRS 15
Revenue from Contracts with Customers (and the related clarification)
IFRS 16
Leases
IFRS 2 (amendments)
Classification and Measurement of Share-based Payment Transactions
IAS 40 (amendments)
Transfers of Investment Property
Annual Improvements to IFRSs:
2014-2016 Cycle
Amendments to: IFRS 1 and IAS 28
IFRS 10 and IAS 28 (amendments)
Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture
IFRIC 22
Foreign Currency Transactions and Advanced Consideration
IFRIC 23
Uncertainty over Income Tax Treatments
The directors do not expect that the adoption of the Standards listed above will have a material impact on the
consolidated financial statements of the Group in future years, except as noted below: