7.1. IFRS amendments
The accounting principles (policy) applied in preparing these consolidated financial statements are consistent with the ones applied in preparing the annual financial statements for the year ended 31 December 2021, except for amendments to standards and new standards or interpretations adopted by the European Union, which are binding for the periods commencing on or after 1 January 2022.
The following amendments to the existing standards issued by the International Accounting Standards Board (‘IASB’) and approved for application in the EU, have been applied for the first time in the financial statements of the Group for the year 2022:
- Amendments to IAS 16 Property, Plant and Equipment – ‘Proceeds before Intended Use’ approved by the EU on 28 June 2021 (effective for annual periods beginning on or after 1 January 2022);
- Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets – ‘Onerous Contracts – Cost of Fulfilling a Contract’ approved by the EU on 28 June 2021 (effective for annual periods beginning on or after 1 January 2022);
- Amendments to IFRS 3 Business combinations – ‘Reference to the Conceptual Framework’ with amendments to IFRS 3, approved by the EU on 28 June 2021 (effective for annual periods beginning on or after 1 January 2022);
- Amendments to various standards: Annual Improvements to IFRSs 2018-2020 Cycle – amendments to IFRS 1, IFRS 9, ISFR 16, and IAS 41, focusing mainly on removing discrepancies and clarifying the terms used, approved by the EU on 28 June 2021 (amendments to IFRS 1, IFRS 9, and IAS 41 effective for annual periods beginning on or after 1 January 2022). The amendment to IFRS 16 only provides an illustrative example, so no effective date is stated.
Application of the above mentioned amendments to standards and interpretations did not have any major effect on the consolidated financial statements of the Group for the year 2022.