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Financial notes 3. Description of significant accounting policies 3.16. New standards and interpretations, as well as their amendments, which were published and have not yet been endorsed by the European Union

3.16. New standards and interpretations, as well as their amendments, which were published and have not yet been endorsed by the European Union

Annual Report
2019

STANDARDS AND
INTERPRETATIONS		 DATE OF
ISSUE /
PUBLICATION		 EFFECTIVE
DATE		 EFFECTIVE DATE
IN EU (DATE OF
ENDORSEMENT
BY EU)		 DESCRIPTION OF CHANGES AND IMPACT
IFRS 17
INSURANCE
CONTRACTS		 18.05.2017 1.01.2021 No data IFRS 17 “Insurance Contracts” will replace IFRS 4 “Insurance contracts” which enabled entities to continue to recognize insurance contracts according to the accounting principles in force in
the national standards, which, as a result, meant applying many different solutions. IFRS 17 introduces the requirements to recognize all insurance agreements in a consistent manner. Liabilities arising from contracts will be recognized at current prices, instead of historical cost. The
application of the standard should follow the full retrospective approach (if not possible, the entity should use modified retrospective approach or the
fair value approach).The Group is in the process of estimating the impact of IFRS 17 on the consolidated financial statements.
AMENDMENTS TO
IFRS 3 BUSINESS
COMBINATIONS		 22.10.2018 1.01.2020 expected date
of
endorsement:
1 Q 2020		 The amendments to IFRS 3 narrow down and clarify the definition of a venture. They also allow for a simplified assessment of whether a set of assets and activities is a group of assets and not a
venture. Prospective approach.The Group does not expect these amendments to have a material effect on the consolidated financial
statements

3.16. New standards and interpretations, as well as their amendments, which were published and have not yet been endorsed by the European Union

3.15. New standards and interpretations and amendments thereto that have been published and endorsed by the european union, but have not come into force yet and are not applied by the Group

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3.16. New standards and interpretations, as well as their amendments, which were published and have not yet been endorsed by the European Union

4. Explanation of the differences between previously published financial statements and these financial statements

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