Changes in accounting policies
New and revised standards and interpretations that are effective for the 2023 financial year
The IASB has made the following amendments to the existing IFRS and passed several new IFRS and IFRIC, which have also been adopted by the European Commission. Application thus became mandatory on 1 January 2023.
Application for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | |
IFRS 17 Insurance Contracts | 1.1.2023 | 1.1.2023 |
IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information | 1.1.2023 | 1.1.2023 |
Amendments to IAS 1 – Disclosure of Accounting Policies | 1.1.2023 | 1.1.2023 |
Amendments to IAS 8 – Definition of Accounting Estimates | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 1.1.2023 | 1.1.2023 |
Amendments to IAS 12 – International Tax Reform - Pillar Two Model Rules | 1.1.2023 | 1.1.2023 |
The first-time adoption of the IFRS standards had no impact on the consolidated financial statements as at 31 December 2023.
Future changes of financial reporting standards
The IASB and the IFRIC approved further standards and interpretations. However, these were neither required to be applied in the 2023 financial year nor adopted by the European Commission. The amendments affect the following standards and interpretations:
Application for financial years which begin on or after (according to IASB) | Application for financial years which begin on or after (according to EU endorsement) | Impact on the consolidated financial statements | |
Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current – Defferal of Effective Date and Non-Current Liabilities with Covenants | 1.1.2024 | n. a.1 | is being analysed |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 7/IFRS 7 – Supplier Finance with Arrangements | 1.1.2024 | n. a.1 | minor |
Amendments to IAS 21 – Lack of Exchangeability | 1.1.2025 | n. a.1 | minor |
1n. a. – endorsement process is still in progress
Early application of the new standards and interpretations is not planned.