Page 117 - Annual Report 2016 EN

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[3] BASIS OF PREPARATION AND
SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of preparation The accounting policies adopted are consistent with those of the
Statement of compliance previous financial year, except for the following new and amended
The financial statements have been prepared in accordance with IFRS recently issued by the International Accounting Standards
International Financial Reporting Standards (“IFRS”) issued by the Board (IASB) and International Financial Reporting Interpretations
International Accounting Standards Board (“IASB”) and the appli- Committee (IFRIC) interpretations effective as of 1 January 2016.
cable provisions of Qatar Financial Centre Law No. 7 of 2005. • IFRS 14 Regulatory Deferral Accounts
The financial statements have been prepared on the historical cost • Amendments to IFRS 11 Joint Arrangements: Accounting for
basis. Acquisitions of Interests
The functional currency of the QFC Regulatory Authority is Qatari • Amendments to IAS 16 and IAS 38: Clarification of Acceptable
Riyals (“QAR”). However, these financial statements have been Methods of Depreciation and Amortisation Amendments to IAS
presented in United States Dollars (“USD”), which is the QFC Regu- 16 and IAS 41 Agriculture: Bearer Plants
latory Authority’s presentation currency.
• Amendments to IAS 27: Equity Method in Separate Financial
As Qatari Riyal is pegged to the USD, the balances in Qatari Riyals Statements Annual Improvements 2012-2014 Cycle
have been translated to USD at the exchange rate of 3.645 Qatari
Riyals to USD and all financial information presented in USD has • Amendments to IAS 1 Disclosure Initiative
been rounded to the nearest thousand USD. • Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities:
Applying the Consolidation Exception
3.2 Changes in accounting policies and disclosures
New and amended standards and interpretations adopted by the These amendments did not have any impact on the QFC Regula-
QFC Regulatory Authority tory Authority’s financial position or financial results or accounting
policies for the year ended 31 December 2016.