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Topic
IFRS 9 Financial Instruments
1 January 2018
IFRS 14 Regulatory Deferral Accounts
1 January 2016
IFRS 15 Revenue from Contracts with Customers
1 January 2018
Amendments to IFRS 11 Joint Arrangement: Accounting for acquisition of interest
1 January 2016
Amendments to IAS 16 and IAS 38: Clarification of acceptable methods of depreciation and amortization
1 January 2016
Amendments to IAS 27: Equity method in separate IFRS 16 Leases financial statements
1 January 2016
The Regulatory Authority is assessing the impact of implementation of these standards and has not early adopted any of the above.
3. Basis of preparation and significant accounting policies
3.1 Basis of preparation
Statement of compliance
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and the applicable provisions of Qatar Financial Centre Law No. 7 of 2005.
The financial statements have been prepared on the historical cost basis.
The functional currency of the Regulatory Authority is Qatari Riyals (“QAR”). However, these financial statements have been presented in United States Dollars (“USD”), which is the Regulatory Authority’s presentation currency.
As the Qatari Riyal is pegged to the USD, the balances in QAR have been translated to USD
at the exchange rate of 3.645 QAR to USD and all financial information presented in USD has been rounded to the nearest thousand USD.
3.2 Changes in accounting policies and disclosures
New and amended standards and interpretations adopted by the Regulatory Authority
The accounting policies
adopted in the preparation of the financial statements are consistent with those of the previous year, except for the following new and amended IFRS recently issued by the IASB and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations effective as of 1 January 2015:
Amendments to IAS 19 Defined Benefits Plans: Employee Contributions
Annual Improvement Cycle: 2010-2012
Annual Improvement Cycle: 2011-2013
These amendments did not have any impact on the Regulatory Authority’s financial position or financial results or accounting policies for the year ended 31 December 2015.
Standards issued but not yet effective
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Regulatory Authority’s financial statements are disclosed below. The Regulatory Authority intends
to adopt these standards, if applicable, when they become effective.
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