8. New standards and interpretations issued, but not yet effective
The Group decided not to apply earlier any standard, interpretation or amendment that have been issued, but are not yet effective in the light of the European Union regulations.
As at the date of preparing these financial statements, the following new standards or amendments to the existing standards were issued by the IASB, but are not effective:
- IFRS 14 Regulatory Deferral Accounts (issued on 30 January 2014) – in accordance with the decision of the European Commission, the process of approval of the standard in its preliminary version will not be initiated prior to the release of the standard in its final version – by the date of the approval of these financial statements the standard had not been approved by the EU – effective for annual periods beginning on or after 1 January 2016;
- Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (issued on 11 September 2014) – the works leading to the approval of these amendments have been deferred indefinitely by the EU – the effective date has been deferred by the IASB indefinitely;
- FRS 17 Insurance Contracts (issued on 18 May 2017), including amendments to IFRS 17 (issued on 25 June 2020) – effective for annual periods beginning on or after 1 January 2023;
- Amendments to IAS 1: Presentation of Financial Statements – Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current – Deferral of Effective Date (published on 23 January 2020 and 15 July 2020, respectively) – by the date of approval of these financial statements not approved by the EU – effective for annual periods beginning on or after 1 January 2023;
- Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on 12 February 2021) – effective for annual periods beginning on or after 1 January 2023;
- Amendments to IAS 8: Definition of Accounting Estimates (issued on 12 February 2021) – effective for annual periods beginning on or after 1 January 2023;
- Amendments to IAS 12: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (issued on 7 May 2021) – effective for annual periods beginning on or after 1 January 2023;
- Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (issued on 9 December 2021) – effective for annual periods beginning on or after 1 January 2023.
The effective dates are the dates resulting from the contents of standards issued by the International Financial Reporting Council. The dates of the standards adoption in the European Union may differ from the dates of adoption resulting from the content of the respective standards and are announced at the time of approving them for adoption by the European Union.