15. New standards and interpretations and their amendments
2022 Annual Report
Standards and interpretations and their amendments effective from 1 January 2022
| STANDARDS AND INTERPRETATIONS* | DESCRIPTION OF CHANGES AND IMPACT |
|---|---|
| AMENDMENTS TO IFRS 3 “BUSINESS COMBINATIONS” (1.01.2022/28.06.2021) | Amendments to IFRS 3 update the references to the Conceptual Framework issued in 2018. They also added a requirement that, for transactions and other events within the scope of IAS 37 or IFRIC 21, an acquirer applies IAS 37 or IFRIC 21 (instead of conceptual framework) to identify the liabilities it has assumed in business combination. Moreover, the standard added an explicit statement that an acquirer does not recognize contingent asset acquired in a business combination. The amendments were not applicable to the Group in 2022. |
| AMENDMENTS TO IAS 16 “PROPERTY, PLANT AND EQUIPMENT” (1.01.2022/28.06.2021) | The amendments indicated, among other things, that proceeds from the use of a fixed asset not yet placed in service should be recognised in the income statement and not deducted from the cost of the fixed asset. No material impact on the consolidated financial statements. |
| AMENDMENT TO IAS 37 “PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS” (1.01.2022/28.06.2021) |
The amendments clarified that, when assessing whether a contract is onerous, the costs of performing the contract include both direct incremental costs and the allocation of other direct costs. No material impact on the consolidated financial statements. |
| ANNUAL IMPROVEMENTS TO IFRS 2018-2020 (1.01.2022/28.06.2021) |
The above amendments do not apply to the Group.
No material impact on the consolidated financial statements. |
* The effective date in EU / date of endorsement by EU is provided in parentheses
New standards and interpretations and amendments thereto that have been published and endorsed by the european union, but have not come into force yet and are not applied by the Bank
| STANDARDS AND INTERPRETATIONS* | DESCRIPTION OF CHANGES AND IMPACT |
|---|---|
|
IFRS 17 “INSURANCE CONTRACTS” (1.01.2023/ 19.11. 2021) AND AMENDMENTS TO IFRS 17 (1.01.2023/ 19.11. 2021) |
For details, see Chapter IFRS 17 “Insurance contracts” |
| AMENDMENTS TO IAS 1 “PRESENTATION OF FINANCIAL STATEMENTS” AND IAS 8 “ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS” (1.01.2023/2.03.2022) | Amendments to IAS 1 contain guidelines on the application of the term “material” in disclosures of the accounting policies. Instead of significant accounting policies, the amendments require disclosure of material information about accounting policies, with explanations and examples of how an entity can identify material information about accounting policies. The amendments to IAS 8 introduce a new definition of accounting estimates. Under the new definition, accounting estimates are monetary amounts in the financial statements that are subject to measurement uncertainty. The introduction of the definition of accounting estimates and other amendments to IAS 8 are intended to help entities distinguish between changes in accounting policies and changes in accounting estimates. The Group is of the opinion that these changes will have an impact on the scope of information presented in its financial statements. |
| AMENDMENTS TO IAS 12 “INCOME TAXES” (1.01.2023/11.08.2022) | Amendments to IAS 12 require that the entities recognise in the financial statements deferred tax assets and liabilities resulting from transactions, other than business combinations, in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The Group does not expect these amendments to have a material effect on the consolidated financial statements. |
* The expected effective date in EU / date of endorsement by EU is provided in parentheses
New standards and interpretations, and amendments thereto, which have been published but have not been endorsed by the European Union
| STANDARDS AND INTERPRETATIONS* | DESCRIPTION OF CHANGES AND IMPACT |
|---|---|
| AMENDMENTS TO IAS 1 – CLASSIFICATION OF LIABILITIES (1.01.2023/ NO DATA) | The changes relate to the classification of liabilities in the statement of financial position as short-term or long-term. They clarify that the classification of liabilities as short-term or long-term should take into account, as at the classification date, the existence of a debt extension, regardless of the entity’s intention to use it for a period longer than 12 months, and should take into account the fulfillment of the conditions of such extension as at the date of assessment, if it is conditional. The Group is currently evaluating the impact on the consolidated financial statements. |
| AMENDMENT TO IFRS 16 “LEASES” (1.01.2024/ NO DATA) | The amendments clarify how a seller-lessee should measure sale and leaseback transactions that meet the requirements of IFRS 15 to recognise an asset as a sale. In particular, the measurement of the lease liability should not take into account gains and losses associated with the retained right of use. The seller-lessee may still recognise in profit or loss the gains and losses associated with the partial or total termination of a lease. A retrospective approach will apply to these amendments. The Group is currently evaluating the impact on the consolidated financial statements. |
* The expected effective date in EU / date of endorsement by EU is provided in parentheses