KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2012
F-84
2.
ADOPTION OF REVISED STANDARDS (CONTINUED)
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:
IFRS 7 (amended)
Disclosures – Offsetting Financial Assets and Financial Liabilities
IFRS 9
Financial Instruments
IFRS 10
Consolidated Financial Statements
IFRS 11
Joint Arrangements
IFRS 12
Disclosure of Interests in Other Entities
IFRS 13
Fair Value Measurement
IAS 27 (revised)
Separate financial statements
IAS 28 (revised)
Investments in associates and joint ventures
IAS 32 (amended)
Offsetting Financial Assets and Financial Liabilities
IFRIC 20
Stripping costs in the production phase of a surface mine
The adoption of IFRS 9, which the Group plans to adopt for the year beginning on 1 January 2015, will impact
both the measurement and disclosures of financial instruments and adoption of IFRS 11, required for the year
beginning 1 January 2013, may require the Group to make changes to the way in which it presents the results of
its various joint venture arrangements. Adoption of IFRS 12, required for the year beginning 1 January 2013, may
require changes to the way the Group’s interests in other entities are disclosed.
Other than IFRS 9, IFRS 11 and IFRS 12, the Directors do not expect that the adoption of the standards listed
above will have a material impact on the financial statements of the Group in future periods.
