KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-33
1.
INCORPORATION AND ACTIVITIES
Kuwait Energy plc (“Company”) is a company incorporated on 12 September 2011 in accordance with the
Commercial Companies Law in the Bailiwick of Jersey.
The Company and its subsidiaries (together referred to as “the Group”) have been established with the objective of
exploration for, 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
Standards not affecting the reported results or the financial position
The following new and revised Standards and Interpretations have been adopted in the current year.
Their adoption has not had any significant impact on the amounts reported in these financial statements but may
impact the accounting for future transactions and arrangements.
IFRS 7 Financial Instruments: Disclosures (Amendment)
IFRS 7 has been amended to require disclosure of information about rights of set-off and related arrangements in
regard to financial assets and liabilities.
IFRS 13 Fair Value Measurement
IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The new standard also requires new
disclosures to assist users to understand the valuation techniques and inputs used to develop fair value
measurements and the effect of fair value measurement on profit or loss.
IAS 1 Presentation of Items of Other Comprehensive income (Amendment)
The amendment to IAS 1 requires that items that will be reclassified to the income statement in the future will be
presented separately from items that will be never be reclassified.
IAS 19 Employee Benefits (Revised)
The revisions to IAS 19 includes; for defined benefit plans, the ability to defer recognition of actuarial gains and
losses has been removed, expected returns on plan assets are no longer recognised in profit or loss, objectives for
disclosure of defined benefit plans are explicitly stated in the revised standard, termination benefits are recognised
at the earlier of when the offer of termination cannot be withdrawn, or when the related restructuring costs are
recognised and the distinction between short-term and other long-term employee benefits is based on the expected
timing of settlement rather than the employee’s entitlement to the benefits.
2.
ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED)
Standards not yet adopted
At the date of authorisation of these financial statements, the following Standards and Interpretations which have
not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet
been adopted by the EU):
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IAS 32 (amended) Offsetting Financial Assets and Financial Liabilities
IAS 36 (amended) Recoverable Amount Disclosure for Non-Financial assets
IAS 39 (amended) Novation of Derivatives and Continuation of Hedge Accounting
