Changes in accounting policies

New and revised standards and interpretations that are effective for the 2024 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 2024.

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)

Amendments to IAS 1 – Classification of Liabilities as Current or Non-Current – Deferral of Effective Date and Non-Current Liabilities with Covenants

1.1.2024

1.1.2024

Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback

1.1.2024

1.1.2024

Amendments to IAS 7/IFRS 7 – Supplier Finance with Arrangements

1.1.2024

1.1.2024

The first-time adoption of the IFRS standards had no impact on the consolidated financial statements as at 31 December 2024.

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 2024 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 21 – Lack of Exchangeability

1.1.2025

1.1.2025

minor

Annual Improvements Volume 11

1.1.2026

n. a.1

minor

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

1.1.2026

n. a.1

is being analysed

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity

1.1.2026

n. a.1

minor

IFRS 19 Subsidiaries without Public Accountability: Disclosure

1.1.2027

n. a.1

not applicable

IFRS 18 Presentation and Disclosure in Financial Statements

1.1.2027

n. a.1

is being analysed

1n. a. – endorsement process is still in progress

Early application of the new standards and interpretations is not planned.