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 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)
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 2021/2022 Consolidated Financial Statements, the following amendments adopted by the EU were not applied early:
Entry into force in the EU on 1 January 2022 or later:
- IFRS 3 (Amendments: Reference to the Conceptual Framework)
- IAS 37 (Amendments: Onerous Contracts – Costs of Fulfilling a Contract)
- IAS 16 (Amendments: Property, Plant & Equipment: Proceeds before Intended Use)
- Annual Improvements to IFRS Standards 2018-2020 Cycle (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41)
- IFRS 17 (Insurance Contracts)
- IFRS 17 (Amendements: Intitial Application of IFRS 17 and IFRS 9 – Comparative Information)
- IAS 1 (Amendments: Disclosure of Accounting Policies)
- IAS 8 (Amendments: Definition of Accounting Estimates)
- IAS 12 (Amendments: Deferred Tax related to Assets and Liabilities arising from a Single Transaction)
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:
- IAS 1 (Amendments: Classification of Liabilities as Current or Non-current)
- IFRS 16 (Amendments: Lease Liability in a Sale and Leaseback)
- IAS 1 (Amendments: Non-Current Liabilities with Covenants)
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.
2.3. Derivative financial instruments
In the previous year, surpluses from derivative financial instruments were recognised in the item “Other non-current assets” (EUR 84,465.5 thousand) as well as in the item “Receivables and other assets” (EUR 287,236.5 thousand). Deficits were recognised in the item “Other non-current liabilities” (EUR 88,405.5 thousand) and “Other current liabilities” (EUR 428,978.8). Owing to materiality criteria, the amounts were recognised in separate balance sheet items (“Derivative financial instruments”) from 30 September 2022 onward and the previous year was restated accordingly.
2.4. Eco-social tax reform
One of the effects of the eco-social tax reform is a change in the tax rate for corporate tax. The previous rate of 25% applicable in Austria will be reduced to 24% in calendar year 2023 and to 23% from calendar year 2024. The future tax rates (24.25% for 2022/2023; 23.25% for 2023/2024; 23% from 2024/2025) were applied when calculating the deferred tax assets and liabilities. The adjustment resulted in a recognition of EUR 5.2 million of income through profit and loss and a further EUR 5.7 million of income through equity.