KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
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The adoption of IFRS 9 Financial Instruments which the Group plans to adopt for the year beginning on 1
January 2016 will impact both the measurement and disclosures of financial instruments.
The Group will adopt IFRS 11 and IFRS 12 for the year beginning on 1 January 2014. IFRS 11 may require the
Group to make changes to the way in which it presents the results of its various joint venture arrangements and
IFRS 12 may require changes to the way the Group’s interests in other entities are disclosed.
The Directors do not expect that the adoption of the other Standards listed above will have a material impact on
the financial statements of the Group in future periods.
Changes in accounting policy
Other than the changes to the standards noted above, the Group’s accounting policies are consistent with the prior
year.
3.
SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the European Union.
Basis of preparation
These consolidated financial statements have been prepared on the historical cost basis except for the
measurement at fair value of certain financial instruments. The accounting policies have been applied consistently
by the Group.
These consolidated financial statements are presented in US Dollars (“USD”), which is the Company’s functional
and presentation currency, rounded off to the nearest thousand. The principal accounting policies are stated
below.
