In Q1’ 2018, the company has applied IFRS 15 ‘Revenue from Contracts with Customers “and IFRS 9 “Financial Instruments” which are effective from 1st January 2018 and opted for full retrospective approach.
As of 31 December 2017, due to adoption of IFRS 15. The total assets decrease by KD 23.5 million and due to adoption of IFRS 9, total assets increase by KD 12.6 million.
As a result for adopting the IFRS 15 & IFRS 9; the net financial impact resulted in decrease of shareholders equity by KD 10.9 million as of 31st December 2017.
For more information regarding this subject please see the interim financial statement for the period ended 31 March 2018 after publishing it on VIVA Website and Boursa Kuwait Website.
Below is the link of the disclosure :https://www.boursakuwait.com.kw/news-details/18584/34