Page 53 - QFCRA Annual Report 2014
P. 53
es to the Financial
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
1. LEGAL STATUS AND PRINCIPAL ACTIVITIES
The Qatar Financial Centre (QFC) QFC Authority (QFCA), the QFC that conduct activities in, or
was established by the State of Regulatory Authority, QFC Civil and from, the Qatar Financial Centre.
Qatar pursuant to Law No. 7 of 2005 Commercial Court (Court) and The registered office of the QFC
to attract international financial QFC Regulatory Tribunal (Tribunal). Regulatory Authority is located at
institutions and multinational The QFCA, the QFC Regulatory PO Box 22989, Doha, State of Qatar.
corporations to establish business Authority, the Court and Tribunal are These financial statements only
in international banking, financial independent of each other and the relate to the activities, assets and
services, insurance, corporate Government of Qatar. liabilities of the QFC Regulatory
head office functions and related The QFC Regulatory Authority, the Authority and do not extend to
activities within Qatar. independent regulatory body, include any other bodies of QFC.
The Qatar Financial Centre is regulates, licenses and supervises
organised into four authorities, the financial services and other firms general reserve account to the
retained surplus account. During
2. ECONOMIC DEPENDENCY Qatar Financial Centre Law No. 7 the year ended 31 December 2013,
of 2005, QFC Regulatory Authority an amount of USD 2,000,000 was
The QFC Regulatory Authority is has the right to retain any excess transferred from retained surplus to
dependent on appropriations from appropriations provided by the general reserves.
the Government of the State of Government, these appropriations Any transfer of amounts to and from
Qatar to fund its operating and have been treated as part of the general reserve requires the
capital expenditure. retained surplus. approval of the Board.
During the year, the Government During the year ended 31
provided the QFC Regulatory December 2014, USD 10,607,950 Estimates and underlying
Authority with appropriations has been transferred from the assumptions are reviewed on an on-
amounting to USD 24,365,569 (2013: going basis. Revisions to accounting
USD 34,777,787). As per Article 14 of estimates are recognised in the year
in which the estimate is revised and
3. BASIS OF PREPARATION States Dollar (USD), which is the QFC in any future period affected.
Regulatory Authority’s presentation In particular, information about
3.1 Statement of compliance currency. significant areas of estimation
The financial statements have been The balances in Qatari Riyals have uncertainty and critical judgments
prepared in accordance with the been translated to USD at the in applying accounting policies that
International Financial Reporting exchange rate of 3.645 Qatari Riyals have the most significant effect
Standards (IFRS) issued by the to USD and all financial information on the amounts recognised in the
International Accounting Standards presented in USD has been rounded financial statements are described
Board (IASB). to the nearest thousand USD. as follows:
3.2 Basis of measurement 3.4 Use of estimates and Useful lives of furniture and
The financial statements have been equipment and intangible assets
prepared under the historical cost judgements The QFC Regulatory Authority’s
convention. In preparing these financial management determines the
3.3 Functional and presentation statements, management has estimated useful lives of its
made judgments, estimates furniture and equipment and
currency and assumptions that affect the
The functional currency of the QFC application of the accounting
Regulatory Authority is Qatari Riyal. policies and the reported amounts
However, these financial statements of assets, liabilities, income and
have been presented in the United expenses. Actual results may differ
from these estimates.
ANNUAL REPORT 2014 53
Statements
FOR THE YEAR ENDED 31 DECEMBER 2014
1. LEGAL STATUS AND PRINCIPAL ACTIVITIES
The Qatar Financial Centre (QFC) QFC Authority (QFCA), the QFC that conduct activities in, or
was established by the State of Regulatory Authority, QFC Civil and from, the Qatar Financial Centre.
Qatar pursuant to Law No. 7 of 2005 Commercial Court (Court) and The registered office of the QFC
to attract international financial QFC Regulatory Tribunal (Tribunal). Regulatory Authority is located at
institutions and multinational The QFCA, the QFC Regulatory PO Box 22989, Doha, State of Qatar.
corporations to establish business Authority, the Court and Tribunal are These financial statements only
in international banking, financial independent of each other and the relate to the activities, assets and
services, insurance, corporate Government of Qatar. liabilities of the QFC Regulatory
head office functions and related The QFC Regulatory Authority, the Authority and do not extend to
activities within Qatar. independent regulatory body, include any other bodies of QFC.
The Qatar Financial Centre is regulates, licenses and supervises
organised into four authorities, the financial services and other firms general reserve account to the
retained surplus account. During
2. ECONOMIC DEPENDENCY Qatar Financial Centre Law No. 7 the year ended 31 December 2013,
of 2005, QFC Regulatory Authority an amount of USD 2,000,000 was
The QFC Regulatory Authority is has the right to retain any excess transferred from retained surplus to
dependent on appropriations from appropriations provided by the general reserves.
the Government of the State of Government, these appropriations Any transfer of amounts to and from
Qatar to fund its operating and have been treated as part of the general reserve requires the
capital expenditure. retained surplus. approval of the Board.
During the year, the Government During the year ended 31
provided the QFC Regulatory December 2014, USD 10,607,950 Estimates and underlying
Authority with appropriations has been transferred from the assumptions are reviewed on an on-
amounting to USD 24,365,569 (2013: going basis. Revisions to accounting
USD 34,777,787). As per Article 14 of estimates are recognised in the year
in which the estimate is revised and
3. BASIS OF PREPARATION States Dollar (USD), which is the QFC in any future period affected.
Regulatory Authority’s presentation In particular, information about
3.1 Statement of compliance currency. significant areas of estimation
The financial statements have been The balances in Qatari Riyals have uncertainty and critical judgments
prepared in accordance with the been translated to USD at the in applying accounting policies that
International Financial Reporting exchange rate of 3.645 Qatari Riyals have the most significant effect
Standards (IFRS) issued by the to USD and all financial information on the amounts recognised in the
International Accounting Standards presented in USD has been rounded financial statements are described
Board (IASB). to the nearest thousand USD. as follows:
3.2 Basis of measurement 3.4 Use of estimates and Useful lives of furniture and
The financial statements have been equipment and intangible assets
prepared under the historical cost judgements The QFC Regulatory Authority’s
convention. In preparing these financial management determines the
3.3 Functional and presentation statements, management has estimated useful lives of its
made judgments, estimates furniture and equipment and
currency and assumptions that affect the
The functional currency of the QFC application of the accounting
Regulatory Authority is Qatari Riyal. policies and the reported amounts
However, these financial statements of assets, liabilities, income and
have been presented in the United expenses. Actual results may differ
from these estimates.
ANNUAL REPORT 2014 53
