2.Effects of New Financial Reporting Standards
Financial Reporting Standards Applied for the First Time in the Reporting Period
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IFRS pronouncement (published on) |
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Title |
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Effective for annual periods beginning on or after |
|---|---|---|---|---|
Amendments to IFRS 16 (May 28, 2020) |
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COVID-19-Related Rent Concessions |
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June 1, 2020 |
Amendments to IFRS 4 (June 25, 2020) |
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Extension of the Temporary Exemption from Applying IFRS 9 |
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January 1, 2021 |
Amendments to IFRS 9, IAS 38, IFRS 7, IFRS 4 and IFRS 16 (August 27, 2020) |
|
Interest Rate Benchmark Reform – Phase 2 |
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January 1, 2021 |
Initial application of the standards listed in the table had little or no material impact on the presentation of the net assets, financial position and results of operations.
Published Financial Reporting Standards That Have Not Yet Been Applied
There were no new findings regarding the potential effects of reporting standards newly published up to the authorization for issue of the financial statements, but not yet required to be applied, whose application could affect the presentation of the net assets, financial position and results of operations that differ from the information presented in the 2020 consolidated financial statements.
“Amendments to IFRS 16 Leases: COVID-19-Related Rent Concessions beyond 30 June 2021” approved by the IASB on March 31, 2021, and “Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction” approved by the IASB on May 7, 2021, have not yet been adopted in the EU. Subject to an analysis to be completed, their initial application is not expected to (materially) affect the presentation of net assets, financial position and results of operations.