Page 78 - English

Retirement benefit costs
Consequent to the Council of Ministers decision no. (11) of 2011, regarding
the application of the provisions of
the Retirement and Pension Law
no. (24) of 2002 (the Law), for all Qatari employees of the Regulatory Authority, the Regulatory Authority has been admitted to the pension fund operated by the General Retirement and Social Insurance Authority (GRSIA) on 26th January 2011.
All Qatari employees must contribute 5%, and the Regulatory Authority 10%, of an employee’s pensionable income. The Regulatory Authority’s contribution is recognised as
an expense in the statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and deposits with banks held for the purpose of meeting short-term cash commitments that are readily convertible to a known amount of cash and subject to insignificant risk of changes in value.
Provisions
Provisions are recognised when the Regulatory Authority has an obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Foreign currencies
Transactions in foreign currencies are recorded
at the rate ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated
at the rate of exchange ruling at the settlement or reporting date. All differences are taken to the statement of comprehensive income.
Operating leases
Operating lease payments are recognised in the statement of comprehensive income on a straight line basis over the term of the lease.
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