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.