2. Effects of New Financial Reporting Standards
2.1 Financial Reporting Standards Applied for the First Time in the Reporting Period
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IFRS pronouncement |
|
Title |
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Effective for annual periods beginning on or after |
|---|---|---|---|---|
IFRS 17 |
|
Insurance Contracts |
|
January 1, 2023 |
Amendments to IFRS 17 |
|
Amendments to IFRS 17 – Insurance Contracts |
|
January 1, 2023 |
Amendments to IAS 1 and the practice statement (February 12, 2021) |
|
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) |
|
January 1, 2023 |
Amendments to IAS 8 |
|
Definition of Accounting Estimates (Amendments to IAS 8) |
|
January 1, 2023 |
Amendments to IAS 12 |
|
Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
|
January 1, 2023 |
Amendments to IFRS 17 |
|
Initial Application of IFRS 17 and IFRS 9 – Comparative Information |
|
January 1, 2023 |
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.
2.2 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 2022 consolidated financial statements.
In relation to the Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar Two Model Rules approved by the IASB on May 23, 2023, adoption into European law is still pending. These amendments propose temporary relief from accounting for deferred taxes arising from the implementation of the new EU Directive, Global Anti-Base Erosion Model Rules (Pillar Two), as well as supplementary notes disclosures. Subject to the completion of the analysis, the initial application is not expected to have any, or any material, effect on the presentation of Covestro’s net assets, financial position, and results of operations.