ALL THE COPY RIGHTS RESERVED 2005 @ QATAR GENERAL INSURANCE & REINSURANCE CO.
Qatar General Insurance & Reinsurance Co. (S.A.Q.) was incorporated as a qatari shareholding company by Emiri Decree number 52 for 1978.
The Company is engaged in the business of all kinds of general insurance and reinsurance.
The financial statements have been prepared in accordance with International Accounting Standards as adopted by the International Accounting Standards Board (IASB), interpretations issued by the standing Interpretations committee of the IASb, and the applicable requirments of the Qatar Commercial companies Law 1981.
The financial statments are prepared in Qatari Riyals on the historical cost basis, except for investments which are stated at their fair value, The accounting policies have been consistently applied by the Company and except for the change in accounting policy, are consistent with those used in the previous year.
The financial statment include the assets, liabilites and the results of operations of the Company's activites in Qatar and its branch in Dubai- United Arab Emirates, The financial statements of the Dubai office have been translated from UAE Dirhams to Qatari Riyals by adopting the exchange rate UAE.DH =1 QR 0.998 (2000:UAE.DH 1= QR 0.998).
Other transactions. Monetary assests and liabilites denominated in foreign currencies at the balance sheet date are translated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the income statement.Non-monetary assets and liabilites are translated at rates ruling at the date of the transaction.