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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2016
14
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 current period, 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 financial statement but may impact the accounting
for future transactions and arrangements.
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 financial statements, the following Standards and Interpretations which have not
been applied in these 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 10, IFRS 12 and IAS 28
(amendments)
Investment Entities: Applying the Consolidation Exemption
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 financial
statements of the Group in future periods, except that:
a) IFRS 9 will impact both the measurement and disclosures of financial instruments; 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.