4.1 Standards issued but not yet effective
Standards issued but not yet effective
A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2020 and earlier application is permitted; however, the Group has not early adopted the new and amended standards in preparing these consolidated financial statements.
The following new and amended standards are not expected to have a significant impact on the
Group’s consolidated financial statements.
Onerous Contracts – Cost of Fulfilling a Contract 1 January 2022
(Amendments to IAS 37)
• COVID-19-Related Rent Concessions (Amendment to IFRS 16) 1 June 2020
• Property, Plant and Equipment: Proceeds before Intended Use 1 January 2022
(Amendments to IAS 16)
• Reference to Conceptual Framework (Amendments to IFRS 3) 1 January 2022
• Classification of Liabilities as Current or Non-current 1 January 2021
(Amendments to IAS 1)
• IFRS 17 Insurance Contracts and amendments to IFRS 17 1 January 2023
• Interest Rate Benchmark Reform – Phase 2 1 January 2021
(Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)
• Annual Improvements to IFRS Standards 2018-2020 1 January 2022
• Classification of liabilities as current or non-current 1 January 2023
(Amendments to IAS 1)