New Standards, amendments to Standards and Interpretations awaiting approval by the European Union:
|
Standard |
Entry into force |
|
| MSSF 17 | IFRS 17 Insurance Contracts | 1 January 2023 |
| MSSF 4 | Insurance contracts – deferred application of IFRS 9 Financial Instruments | 1 January 2023 |
| MSR 1 | Presentation of Financial Statements | 1 January 2023 |
| MSR 8 | Accounting Policies, Changes in Accounting Estimates and Errors | 1 January 2023 |
| MSR 12 | Income Tax | 1 January 2023 |
| MSSF 10 | Consolidated Financial Statements – amendments concerning the sale or contribution of assets between an investor and its associates or joint ventures | – |
| MSR 28 | Investments in Associates and Joint Ventures – amendments concerning the sale or contribution of assets between an investor and its associates or joint ventures | – |
The Group intends to apply them for the periods for which they will be in force for the first time.
The Group’s companies are currently analysing the impact of the New Standards, amendments of Standards and Interpretations on their financial statements. No significant changes have yet been identified in connection with the new standards being implemented.
New Standards, amendments to Standards and Interpretations approved by the European Union but not yet in effect:
|
Standard |
Entry into force | |
| MSR 16 | Property, plant and equipment | 1 January 2022 |
| MSR 37 | Provisions, contingent liabilities and contingent assets | 1 January 2022 |
| MSR 41 | Agriculture – the improvements contain explanations and clarify guidelines for the Standard concerning recognition and measurement | 1 January 2022 |
| MSSF 1 | First-time Adoption of International Financial Reporting Standards – the improvements contain explanations and clarify guidelines for the Standard concerning recognition and measurement | 1 January 2022 |
| MSSF 3 | Business Combinations – updating a reference to the Conceptual Framework | 1 January 2022 |
| MSSF 9 | Financial Instruments – the improvements contain explanations and clarify guidelines for the standard concerning recognition and measurement | 1 January 2022 |
| MSSF 16 | Leases – improvements in examples | 1 January 2022 |
Changes in applied accounting rules
The accounting rules (policy) applied in preparing these separate financial statements are consistent with those applied in preparing the Group’s annual consolidated financial statements for the year ended 31 December 2020, except for the application of new standards, amendments to standards and interpretations as described below:
- IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 4 – Insurance Contracts, IFRS 7 Financial Instruments and IFRS 16 Leases – second part of amendments related to IBOR reform, which are applicable from 1 January 2021. The amendments pertain to accounting issues that will arise when financial instruments based on IBOR transition into new interest rates. The amendments introduce a range of guidelines and exemptions, in particular a practical expedient for the modification of contracts required by the reform, which will be recognised by updating the effective interest rate, an exemption from the obligation to end hedge accounting, a temporary exemption from the necessity to identify the risk component and the obligation to include additional disclosures;
- IFRS 16 Leases – simplification concerning changes resulting from lease agreements in connection with COVID-19, e.g.: deferral of or exemption from lease payments. This simplification concerns an assessment of whether these changes constitute a modification of the lease. Lessees can apply a simplification wherein they do not apply IFRS 16 guidelines concerning the modification of lease agreements. This will result in relief and exemptions applicable to leases being recognised as variable lease payments during the period in which the event occurs or as a condition that causes the payments to be reduced; the IASB extended the availability of the practical expedient concerning relief on lease payments to June 2022.
The Group has identified no impact on its financial statements from implementing the aforementioned amendments to Standards and Interpretations.