9. Standards published and amendments to standards which are not yet effective by the balance sheet date
The Group did not choose earlier application of any standards or amendments to standards which were published but have not entered into force by 31 December 2022.
Standards issued by the International Accounting Standards Board and amendments to standards which have been approved by the European Union and have not entered into force yet
As at the date of approval of consolidated financial statements for publication, the Management Board has not yet completed work on assessing the impact of the introduction of standards and amendments to standards on the accounting policy applied by the Group. The analyzes carried out so far indicate that the following standards and amendments to standards will not have a significant impact on the accounting policy applied so far:
| Standard | Amendments | Date of entry into force in the EU (annual periods staring on or after that date) |
|---|---|---|
| Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Making Materiality Judgements to accounting policy disclosures. | The amendments are intended to enhance the relevance of the presented disclosures related to the accounting principles (policy) by replacing the requirement for entities to disclose significant accounting policies with a requirement to disclose material accounting principles and adding guidance on how entities apply the materiality principle when making decisions concerning the disclosure of accounting principles (policy). | 1 January 2023 |
| Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors: Change in accounting estimates | The amendments clarify the distinction between changes in estimates and changes in accounting principles (policy) and corrections of errors and clarify how entities apply valuation techniques and use inputs to determine estimates. | 1 January 2023 |
| IFRS 17 Insurance Contracts | The standard applies to all types of insurance contracts (i.e. direct insurance, life insurance, non-life insurance and reinsurance contracts), irrespective of the nature of the business of the entity that concludes them, as well as to certain guarantees and financial instruments with discretionary profit share. | 1 January 2023 |
| Amendments to IFRS 17 Insurance contracts: first-time adoption of IFRS 17 Insurance contracts and IFRS 9 Financial instruments – comparative information | The amendment is intended to assist entities in avoiding transitional accounting mismatches between financial assets and liabilities due to insurance contracts, thereby improving the usefulness of comparative information for users of financial statements. | 1 January 2023 |
| Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction | The amendments reduced the scope of the exception for initial recognition of assets and liabilities in paragraphs 15 and 24 of IAS 12 Income Taxes, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. | 1 January 2023 |
Standards and amendments to standards issued by the International Accounting Standards Board which have not been endorsed by the European Union and have not entered into force yet
As at the date of approval of consolidated financial statements for publication, the Management Board has not yet completed work on assessing the impact of the introduction of standards and amendments to standards on the accounting policy applied by the Group. The analyzes carried out so far indicate that the following standards and amendments to standards will not have a significant impact on the accounting policy applied so far:
| Standard | Date of entry into force according to the standard, not endorsed by the EU (annual periods staring on or after that date) |
|---|---|
| Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as short-term or long-term and long-term liabilities with covenants | 1 January 2024 |
| 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 as amended | the date of entry into force of the amendments has been postponed |
| Amendments to IFRS 16 Leases: Liability in a Sale and Leaseback | 1 January 2024 |
IFRS 14 Regulatory Deferral Accounts (Date of entry into force according to the standard: 1 January 2016 - The European Commission decided to refrain from launching the process of endorsement of this interim standard for use in the territory of the EU until the publication of the final version of the standard).
The International Accounting Standards Board is working on the draft and final version of the standard for regulated activities. The standard specifies a model for accounting for assets and liabilities related to regulatory activities. According to the current proposal, the standard is to apply to entities that are parties to an agreement specifying regulated rates, with which the entity charges its customers for goods and services provided, and when a part of the total consideration for goods and services provided in a given period is charged to customers through regulated rates in another period (there are so-called time differences).The Group monitors the work carried out by the International Accounting Standards Board regarding the final version of the standard on regulatory assets and liabilities in terms of determining the impact on TAURON Group, particularly in the Distribution segment. As at the date of authorization of consolidated financial statements for publication, the final version of the standard has not been issued. The Group will assess the impact of the standard on the Group’s financial results and financial position once the International Accounting Standards Board has issued the final version of the standard.