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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2016
10
1.
INCORPORATION AND ACTIVITIES
Kuwait Energy plc (“the Company”) is a company incorporated on 12 September 2011 in Jersey 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, 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
In the current year, the Group has adopted the following new and revised standards and interpretation. The adoption
has not had any significant impact on the amounts reported in these consolidated financial statements but may impact
the accounting for future transactions and arrangements.
IFRS 10, IFRS 12 and IAS 28
(amendments)
Investment Entities: Applying the Consolidation Exemption
IAS 1 (amendments)
Disclosure Initiative
IFRS 11 (amendments)
Accounting for Acquisitions of Interests in Joint Operations
IAS 16 and IAS 38 (amendments)
Clarification of Acceptable Methods of Depreciation and Amortization
IAS 27 (amendments)
Equity Method in Separate Financial Statements
Annual Improvements to IFRSs:
2012-2014 Cycle
Amendments to: IFRS 5 Non-current Assets Held for Sale and Discontinued
Operations, IFRS 7 Financial Instruments: Disclosures, IAS 19 Employee Benefits
and IAS 34 Interim Financial Reporting
Standards not yet adopted
At the date of authorisation of these consolidated financial statements, the following Standards and Interpretations
which have not been applied in these consolidated 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 15
Revenue from Contracts with Customers
IFRS 16
Leases
IFRS 2 (amendments)
Classification and Measurement of Share-based Payment Transactions
IAS 7 (amendments)
Disclosure Initiative
IAS 12 (amendments)
Recognition of Deferred tax Assets for Unrealised Losses
IFRS 10 and IAS 28 (amendments)
Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture
The directors do not expect that the adoption of the Standards listed above will have a material impact on the
consolidated financial statements of the Group in future years, except that:
a) IFRS 9 will impact both the measurement and disclosures of financial instruments which applies for periods beginning
on or after 1 January 2018; and
b) The Group has not yet assessed the potential impact of IFRS 15 and 16 on its financial results, which applies for
periods beginning on or after 1 January 2018 and 2019 respectively.