Accounting standards applied for the first time in the current fiscal year

The Group has applied the following standards and amendments for the first time:

•    Amendments to IFRS 3: Reference to the Conceptual Framework

•Amendments to IAS 16: Property, Plant and Equipment – Proceeds before Intended Use

•Amendments to IAS 37: Onerous Contracts – Cost of Fulfilling a Contract

•Annual Improvements to IFRSs (2018 – 2020 cycle)

Standards, amendments and interpretations to existing standards that are not yet effective and have not been applied early by the Group

The IASB has issued a number of other pronouncements. These recently implemented accounting pronouncements as well as the pronouncements that have not yet been implemented have no material impact on NORMA Group’s Consolidated Financial Statements.