Financial and
ESG report 2020

Standards and interpretations applied in 2020 and those not binding at the balance sheet date

Amendments to the existing standards effective from the financial statements for 2020

The following amendments to the existing standards issued by the International Accounting Standards Board (IASB) are effective for the current reporting period:

Definition of a Business (effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period).

Interest Rate Benchmark Reform (effective for annual periods beginning on or after 1 January 2020)

Definition of Material (effective for annual periods beginning on or after 1 January 2020)

(effective for annual periods beginning on or after 1 January 2020)

The adoption of these amendments to the existing standards has not led to any material changes in the Group’s financial statements.

New standards and amendments to existing standards which are already by the IASB but have not been effected yet

At the date of authorisation of these financial statements, the following new standard and amendments to existing standards were in issue, but not yet effective:

including amendments to IFRS 17 (effective for annual periods beginning on or after 1 January 2023)

Reference to the Conceptual Framework with amendments to IFRS 3 (effective for annual periods beginning on or after 1 January 2022)

Extension of the Temporary Exemption from Applying IFRS 9 (the expiry date for the temporary exemption from IFRS 9 was extended to annual periods beginning on or after 1 January 2023)

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and further amendments (effective date deferred indefinitely until the research project on the equity method has been concluded)

Covid-19-Related Rent Concessions (effective for annual periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not yet authorised for issue at 28 May 2020. The amendment is also available for interim reports.)

Classification of Liabilities as Current or Non-Current (effective for annual periods beginning on or after 1 January 2023)

Proceeds before Intended Use (effective for annual periods beginning on or after 1 January 2022)

Onerous Contracts — Cost of Fulfilling a Contract (effective for annual periods beginning on or after 1 January 2022)

Interest Rate Benchmark Reform — Phase 2 (effective for annual periods beginning on or after 1 January 2021)

resulting from the annual improvement project of IFRS (IFRS 1, IFRS 9, IFRS 16 and IAS 41) primarily with a view to removing inconsistencies and clarifying wording (the amendments to IFRS 1, IFRS 9 and IAS 41 are effective for annual periods beginning on or after 1 January 2022, the amendment to IFRS 16 only regards an illustrative example, so no effective date is stated)

The Group has elected not to adopt the new standard and amendments to existing standards in advance of their effective dates. The Group anticipates that the adoption of the standard and amendments to existing standards will have no material impact on the financial statements of the Group in the period of initial application.

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