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R Segmental Reports
A segment is a group of related assets and operations that are subject to risks and returns that are different from those of other
sectors or within a single economic environment subjects to risks and returns that relate to it, other than those relate of seg-
ments operating in a different economic environment.
S Dividends
Dividends are recorded in theGroup’s financial statements in the period inwhich they are approved by the Group’s shareholders.
T Comparative figures
Where necessary, comparative figures have been reclassified to conform to changes in presentation in the current period.
U New Issues and Amendments issued to the Egyptian Accounting Standards (EAS) and it have been applied
from January 01, 2016.
During theyear 2015, amodifiedversionof theEgyptianAccountingStandards (EAS)was issued including someof thenewaccount-
ing standards and the amendments to some existing standards provided that they shall come into force for the financial periods
that start after January 1, 2016, while taking into consideration that the early implementationof these standards isnot permissible.
In the following table, we shall represent themost significant amendments that have been applied on the financial statements
on December 31, 2016 of the company at the beginning of the implementation thereof:
New or Amended
Standards
Summary of theMost Significant Amendments
Impact on the Financial State-
ments
EAS (1)
Presentationof
Financial Statements
Financial PositionStatement
•
The Standard does not require to present the working
capital presentation.
The reference financial statements that was included in 2006
Standards was excluded; which presented the working capital
presentation.
•
A statement shall be added to the statement of financial
position including balances of the beginning of the first
presented comparative period in case of retrospective
implementation or change in an accounting policy or reclas-
sification carried out by the entity.
Income Statement (Profit or Loss)/ andStatement of Compre-
hensive Income
The entity shall disclose all recognized income and expense
captions during the financial period in two separate statements;
one of thempresents the profit or loss components (Income
Statement) and the other one starts with the profit or loss and
presents the other comprehensive income items (Statement of
Comprehensive Income).
•
Re-presenting all the pre-
sented financial statements,
disclosures and their accom-
panying notes including the
comparative figures to be in
conformity with the required
amendments to the Standard.
•
Adding a new statement,
Statement of Comprehensive
Income, for the current and
comparative period.
2016 ANNUAL REPORT
106
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2016
(In thenotes all amounts are shown inThousandEgyptianPounds unless otherwise stated)