31
D. IFRS Standards and IFRIC Interpretations
The Company does not expect the adoption of the standards and amendments described below
to have a material impact on its consolidated financial statements, nor anticipate early adoption
of new accounting standards, amendments and interpretations.
New and amended standards and interpretations applicable as at 1
st
January 2022
- Amendment to IFRS 3 Business Combinations: reference to the Conceptual Framework: the
amendments updated the reference to the Conceptual Framework for Financial Reporting, added
a reference to IAS 37 or IFRIC 21 when a company identifies the liabilities assumed in a business
combination, and stated that an acquirer should not recognise contingent assets acquired in a
business combination.
- Amendment IAS 16 Property, Plant and Equipment: the amendments prohibit a company from
deducting from the cost of property, plant and equipment amounts received from selling items
produced while the company is preparing the asset for its intended use. Instead, a company
should recognise such sales proceeds and related cost in profit or loss.
- Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous
Contracts — Cost of Fulfilling a Contract: these amendments specify which costs a company
includes when assessing whether a contract will be loss-making.
- Annual Improvements to IFRS Standards 2018–2020: these amendments concern IFRS 1, IFRS
9, IFRS 16 and IAS 41:
• IFRS 1 (1
st
time adopter): allows a subsidiary to measure translation differences using the
amounts reported by its parent, based on the parent’s date of transition to IFRS
• IFRS 16: removal from the illustrative examples of the illustration of the reimbursement of
leasehold improvements by the lessor
• IFRS 9: the amendment clarifies which fees an entity includes when it applies the "10 per
cent" test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognise a financial liability
• IAS 41: the amendment removes the requirement in IAS 41.22 for entities to exclude
taxation cash flows when measuring the fair value of a biological asset using a present value
technique.
Standards issued but not yet effective, or not yet endorsed as at 30
th
June 2022
- On 22
nd
September 2022, the IASB issued amendments to IFRS "Lease Liability in a Sale and
Leaseback", that clarify how a seller-lessee subsequently measures sale and leaseback
transactions that satisfy the requirements in IFRS 15 to be accounted for a sale. The amendment
does not change the accounting for leases unrelated to sale and leaseback transactions. The
amendment applies retrospectively to annual reporting periods beginning on or after 1
st
January
2024, with early adoption permitted.
- On 23
rd
January 2020, the IASB published amendments to IAS 1 "Presentation of Financial
Statements" on the classification of liabilities as current and non-current in order to establish a
more general approach to the classification of liabilities under IAS 1, based on an analysis of
contracts existing at the balance sheet date. The amendments include clarification of the
requirements for classifying liabilities that a company could settle by converting them into equity.
On 15
th
July 2020, the IASB deferred the effective date of the amendments. On 31
st
October 2022,
the IASB issued "Non-current Liabilities with Covenants" to clarify how conditions with which an
entity must comply within twelve months after the reporting period affect the classification of a