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: 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.
Accounting standards applied for the first time in the current financial year | T080 | |
|---|---|---|
First-time application | Adopted by the EU Commission | |
IFRS pronouncement (published on) | ||
IAS 1 "Presentation of Financial Statements" - Classification of Liabilities as Current or Non-current (23. January 2020 and postponement of effective date (15. July 2020)) | 1.1.2024 | Yes |
IAS 1 "Presentation of Financial Statements" - Non-current Liabilities with Covenants (31. October 2022) | 1.1.2024 | Yes |
IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures:" - Supplier Finance Arrangements (25. May 2023) | 1.1.2024 | Yes |
IFRS 16 "Lease" - Lease Liability in a Sale and Leaseback (22. September 2022) | 1.1.2024 | Yes |
Standards, amendments and interpretations to existing standards that are not yet effective and have not been applied early by the Group
The IASB has published the following pronouncements, which have not yet come into force. The Group currently assumes that these recently implemented accounting pronouncements and pronouncements that have not yet come into force will not have a material impact on NORMA Group’s Consolidated Financial Statements.
Pronouncements published by the IASB in the current financial year | T081 | |
|---|---|---|
First-time application | Adopted by the EU Commission | |
IFRS pronouncement (published on) | ||
IAS 21 "The Effects of Changes in Foreign Exchange Rates" - Lack of Exchangeability (15. August 2023) | 1.1.2025 | Yes |
Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (30. May 2024) | 1.1.2026 | No |
Annual Improvements Volume 11 — Band 11 (18. July 2024) | 1.1.2026 | No |
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (18. December 2024) | 1.1.2026 | No |
IFRS 18 "Presentation and Disclosure in Financial Statements" (09. April 2024) | 1.1.2027 | No |
IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (09. May 2024) | 1.1.2027 | No |
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.