Standards and Interpretations not mandatorily applicable to the Company as of January 1, 2023
Standards and amendments published by the IASB and endorsed by the European Union
The following standards and amendments published by the IASB and endorsed by the European Union are not mandatorily applicable as of January 1, 2023:
- Amendments to IFRS 16 – ‘Lease Liability in a Sale and Leaseback’; and
- Amendments to IAS 1 – ‘Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants’.
The Company is currently assessing the impact of amendments issued, however the Company does not expect a material impact on the financial statements due to their future adoption.
Standards and amendments published by the IASB and not yet endorsed by the European Union
Other new standards and amendments have been published by the IASB but have not been endorsed yet by the European Commission. Early adoption is not possible until European Commission endorsement. Those which may be relevant to the Company are set out below:
- Amendments to IAS 7 and IFRS 7 – ‘Disclosures: Supplier Finance Arrangements’; and
- Amendments to IAS 21 - Lack of exchangeability.
The Company does not expect a significant effect on the financial statements due to the adoption of the remaining amendments. Other standards and amendments are not relevant to the Company.