2.2 Basis of preparation

Basis of preparation

These financial Statements have been prepared on the historical cost basis, except for financials assets carried at fair value through other comprehensive income and financial assets carried at fair value through profit and loss which are carried at fair value and the provision for employees’ end of service indemnity which is calculated in line with UAE labour laws.

The Company’s statement of financial position is not presented using a current / non-current classification. However, the following balances would generally be classified as current: cash and cash equivalents, financial assets at fair value through profit and loss, other receivables, and other payables. The following balances would generally be classified as non-current: property and equipment, intangible assets, deposit and provision for employees’ end of service indemnity. The following balances are of mixed (including both current and non-current portions): financial assets at fair value through other comprehensive income, reinsurance contract assets, insurance contract liabilities, reinsurance contract liabilities, bank balances, fixed deposits and bank borrowings.