KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
F-129
2.
ADOPTION OF REVISED STANDARDS (CONTINUED)
IAS 24 Related Party Disclosures (Revised)
The revision to IAS 24 has clarified the definition of a related party, particularly in relation to significant
influence and joint control. It also provides partial exemption for government related entities from the disclosure
requirements of IAS 24.
IAS 32 Financial Instruments: Presentation – Classification of Rights Issues (Amendment)
IAS 32 has been amended to classify a rights issue as an equity instrument if the rights are given pro rata to all
existing owners of the equity instrument and the rights are to acquire a fixed number of equity instruments at a
fixed price.
IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)
IFRIC 14 has been amended to provide further guidance on the assessment of the recoverable amount of a net
pension asset, whereby the prepayment of a minimum funding requirement will now be treated as an asset.
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 19 requires that equity instruments issued in order to extinguish a financial liability are consideration paid.
The equity instruments are measured at their fair value or the fair value of the liability extinguished if the fair
value of the equity instrument cannot be measured reliably.
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)
Financial Instruments: Disclosure
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 1 (amended)
Presentation of Items of Other Comprehensive Income
IAS 12 (amended)
Income Taxes
IAS 19 (revised)
Employee Benefits
IAS 28 (revised)
Investments in Associates and Joint Ventures
IAS 32 (amended)
Offsetting Financial Assets and Financial Liabilities
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.
Other than IFRS 9 and IFRS 11, 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.
