However, International Accounting Standard, IAS 29: Financial Reporting in Hyperinflationary Economies, does not establish an absolute rate at which hyperinflation is deemed to arise and states that it is a matter This was based on the general price index showing the cumulative three-year rate of inflation exceedingġ00% at that time. In 2015, the Group noted that the economy of the Republic of Sudan, where the Group has subsidiaries, may be hyperinflationary from the beginning of 2015. The methods used to measure the fair value and adjustments made to the account of Group’s entities that operate in the hyperinflationary economies are discussedįurther in the accounting policies and in the respective notes. In accordance with IAS 29: Financial Reporting in Hyperinflationary Economies. Accordingly, the results, cash flows and financial position of the Group’s subsidiary in South Sudan have been expressed in terms of the measuring unit current at the reporting date The economy of Republic of South Sudan became hyperinflationary in 2016. Have been presented in Kuwaiti Dinars (KD), rounded to the nearest thousand. Modified by the revaluation at fair value of financial assets held as “at fair value through profit or loss”, “at fair value through comprehensive income” and “derivative financial instruments”. These consolidated financial statements are prepared under the historical cost basis of measurement adjusted for the effects of inflation where entities operate in hyperinflationary economies and These consolidated financial statements have been prepared in conformity with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Basis of preparation and significant accounting policies These consolidated financial statements were authorized and approved for issue by the Board of Directors of the Company on 12 February 2020 and are subject to approval of the shareholders at their forthcoming Annual General Meeting.Ģ. The Company is a subsidiary of Oman Telecommunications Company SAOG, Oman. They operate purchase, deliver, install, manage and maintain mobile telephone systems and invests surplus funds in investment securities. The Company and its subsidiaries (the “Group”) along with associates provide mobile telecommunication services in Kuwait and 8 other countries (31 December 2018 - Kuwait and 8 other countries) under licenses from the governments of the countries in which The registered office of the Company is at P.O. Its shares are traded on the Kuwait Stock Exchange. (the “Company”) is a Kuwaiti shareholding company incorporated in 1983. Mobile Telecommunications Company K.S.C.P.
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