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.