The Group has applied the following standards and amendments for the first time. None of the standards and amendments applied for the first time in the current fiscal year had a material impact on the Consolidated Financial Statements.

Amendments to IAS 1: Disclosures of accounting policies and IFRS guidance document 2

Amendments to IAS 8: Definition of accounting estimates

Amendments to IAS 12: Deferred taxes relating to assets and liabilities arising from a single transaction

The amendments relate to the “Initial Recognition Exemption”, which now excludes certain transactions that lead to offsetting temporary differences, such as leases and liabilities from disposal obligations. For these, deferred tax assets and liabilities must be recognized from the beginning of the earliest comparative period. The cumulative effects are recognized as an adjustment to retained earnings or other components of equity. The amendments apply to all other transactions that occur at or after the beginning of the earliest period presented.

As a result of the amendments, NORMA Group recognizes a separate deferred tax asset in respect of the lease liabilities and a deferred tax liability in respect of the right-of-use assets. However, there was no effect on the consolidated balance sheet, as the deferred tax assets and liabilities recognized were netted in accordance with IAS 12.74.

Amendments to IAS 12: International tax reform – Pillar 2 model rules

Individual provisions of the amendments to IAS 12 published on May 23, 2023, are generally applicable retrospectively for the past fiscal year as a result of the adoption by the EU on November 8, 2023. Deferred taxes in connection with Pillar 2 model rules were not recognized.

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. The Group currently assumes that these recently implemented accounting pronouncements and pronouncements that have not yet been implemented will not have a material impact on NORMA Group’s Consolidated Financial Statements.


These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.