6. New standards and interpretations

• Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts and IFRS 16 Leases; Interest Rate Benchmark Reform — Phase 2 (effective for annual periods beginning on or after January 1st 2021),
• Amendments to IFRS 16 Leases: Covid-19-Related Rent Concessions beyond June 30th 2021 (effective for annual periods beginning on or after January 1st 2021),
• Amendments to IFRS 4 Insurance Contracts titled Extension of the Temporary Exemption from Applying IFRS 9 (the temporary exemption from IFRS 9 was extended from January 1st 2021 to annual periods beginning on or after January 1st 2023).

The amendments to the standards adopted by the European Union for periods beginning on or after January 1st 2021 have no material effect on these consolidated financial statements.

• Amendments to IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (effective for annual periods beginning on or after January 1st 2023),
• Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Definition of accounting estimates (effective for annual periods beginning on or after January 1st 2023),
• Amendments to IAS 16 Property, Plant and Equipment — Proceeds before Intended Use (effective for annual periods beginning on or after January 1st 2022),
• Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts—Cost of Fulfilling a Contract (effective for annual periods beginning on or after January 1st 2022),
• Amendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework (Amendments to IFRS 3) (effective for annual periods beginning on or after January 1st 2022),
• IFRS 17 Insurance Contracts, with subsequent amendments to IFRS 17 (effective for annual periods beginning on or after January 1st 2023),
• Amendments to various standards Improvements to IFRSs 2018–2020 Cycle (effective for annual periods beginning on or after January 1st 2022).

• Amendments to IFRS 14 Regulatory Deferral Accounts: the European Commission decided not to commence the process of approval of this interim standard for use in the EU until the final draft of IFRS 14 is issued (effective for annual periods beginning on or after January 1st 2016),
• Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (effective for annual periods beginning on or after January 1st 2023),
• Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective for annual periods beginning on or after January 1st 2023),
• Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, and subsequent amendments (the effective date of the amendments has been postponed until the research project on the equity method has been concluded),
• Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 Financial Instruments – Comparative Information (effective for annual periods beginning on or after January 1st 2023).

The effective dates are stated in relevant standards issued by the International Accounting Standards Board. The dates of application of standards in the EU may differ from the effective dates stated in those standards and are announced upon their endorsement by the EU.

The Group has not elected to early adopt any of the standards, interpretations, or amendments endorsed by the EU which were not effective as at December 31st 2021.