2. Change in accounting methods

2.1. Standards and interpretations applied or amended and adopted by the EU for the first time

Newly applicable amended standards adopted by the EU that take effect on 1 January 2020 or later:

  • Amendments to References to the Conceptual Framework in IFRS Standards
  • IAS 1, IAS 8 (Amendments: Definition of Material)
  • IFRS 9, IAS 39 and IFRS 7 (Amendments: Interest Rate Benchmark Reform – Phase 1)
  • IFRS 3 (Amendments: Definition of a Business)
  • IFRS 16 (Amendments: Covid-19-Related Rent Concessions)

The amended standards do not have a material impact on the consolidated financial statements.

2.2. Standards and interpretations that have not been applied early

In the 2020/2021 Consolidated Financial Statements, the following amendments adopted by the EU were not applied early:

Entry into force in the EU on 1 January 2021 or later:

  • IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments: Interest Rate Benchmark Reform – Phase 2)
  • IFRS 4 (Amendments: Extension of the Temporary Exemption from Applying IFRS 9)
  • IFRS 16 (Amendments: Covid-19-Related Rent Concessions beyond 30 June 2021)
  • IFRS 3 (Amendments: Reference to the Conceptual Framework)
  • IAS 16 (Amendments: Property, Plant & Equipment: Proceeds before Intended Use)
  • IAS 37 (Amendments: Onerous Contracts – Costs of Fulfilling a Contract)
  • Annual Improvements to IFRS Standards 2018-2020 Cycle (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41)

The following standards and interpretations, amendments and improvements of standards enter into force on 1 January 2023 or a later date, although they have not yet been adopted by the European Union at this time:

  • IFRS 17 (Insurance Contracts)
  • IAS 1 (Amendments: Classification of Liabilities as Current or Non-current)
  • IAS 1 (Amendments: Disclosure of Accounting Policies)
  • IAS 8 (Amendments: Definition of Accounting Estimates)
  • IAS 12 (Amendementes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction)

These standards are expected to be applied on the effective date promulgated by the EU.

The following standard came into force on 1 January 2016, but was not adopted by the EU:

  • IFRS 14 (Regulatory Deferral Accounts)

Application of the following standard was postponed indefinitely:

  • IFRS 10 and IAS 28 (Amendments: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture)

The first-time application of these standards is not expected to result in any significant implications for the Consolidated Financial Statements.

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