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 Semi-Annual Financial Statements, the following amendments adopted by the EU were not applied early:

Entry into force in the EU on 1 January 2021:

  • 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)

The following standards and interpretations, amendments and improvements of standards enter into force on 1 April 2021 or a later date, although they have not yet been adopted by the European Union at this time:

  • 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)
  • 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)

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.