Title: Announcement Regarding Issuance of Disciplinary Board Resolution on Violation No. (10/2021 Disciplinary Board) (140/2020 Authority)
Date Publish 01 April 2021
The Capital Markets Authority announces the issuance of Disciplinary Board Resolution passed in its meeting held on Thursday April 1, 2021 on violation No. (10/2021 Disciplinary Board) (140/2020 Authority) against: Future Kid Entertainment & Real Estate Company.
The operative part of the Resolution resulted in the aforementioned being convicted of violating the provisions of Article (1-13) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 and their amendments, as it was proven to the Authority through studying the financial data of the Future Kid Entertainment & Real Estate Company for the financial year ending on December 31, 2019 as well as the interim financial period ending on June 30, 2020 the company's violation of the application of the International Financial Reporting Standard No. (IFRS-15) (Revenue from contracts with clients) in relation to what was mentioned under the item “operational income” in the income statement that indicated that the group’s operational revenues include the amount amount of KD 1,068,369 (one million sixty-eight thousand three hundred and sixty-nine Kuwaiti dinars) as on June 30, 2020, which was recognized according to the cash basis, without the obligation to apply the aforementioned international accounting standards.
The decision included the infliction of the following penalty: -
“Dismissing the violation for lack of importance”.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.
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