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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Nine months ended 30 September 2015
10
8.
TRADE AND OTHER PAYABLES
30 September
31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
Trade Payables
88,122
86,911
Accruals and joint venture partners payables
23,240
31,150
Accrued interest payable
4,016
10,388
Salaries and bonus payables
1,068
5,204
116,446
133,653
9.
RETROSPECTIVE RESTATEMENT
As described in note 2 of the financial statements for the year ended 31 December 2014, the Group voluntarily changed
their accounting policy for the intangible exploration and evaluation assets from “modified full cost method” to the
“successful efforts method”. The impact of this change in accounting policy on the annual financial statements is
explained fully in note 2 of the 31 December 2014 Group financial statements which are available on the Group’s
website. The impact of this change in accounting policy to the results for the 9 months ended 30 September 2014 has
resulted in an increase in profit by USD 2,249 thousand and EPS by 0.7 cents for the corresponding reported period
due to a decrease in the ‘depletion and amortisation of oil and gas assets’ by USD 2,249 thousand. The decrease in the
'depletion and amortisation of oil and gas assets' charge relates to the fact that these assets, which were previously
being depleted in 2014, were retrospectively written off in a previous period as a result of the adoption of the successful
efforts method, resulting in a reduction of the depletion and amortisation charge in 2014.